PNM Resources, AEP sell stakes in New Mexico Renewable Development
PNM Resources and American Electric Power (AEP) sold their stakes in New Mexico Renewable Development to Exus North America Holdings.
AEP owned 50 percent of the company while PNM Resources owned the other 50 percent.
Both companies have already received necessary regulatory approval from the Federal Energy Regulatory Commission, as well as various state approvals.
The two companies sold nine operating solar developments totaling 185 MW along with six projects under development with an estimated output of 440 MW.
AEP nets approximately $104 million in cash from the sale, while PNM Resources netted a $117 million share of the proceeds. PNM said the proceeds will support the funding of regulated capital investments.
PNM Resources, based in Albuquerque, N.M., provides electricity to more than 800,000 homes and businesses in New Mexico and Texas. PNM has a goal to achieve 100 percent emissions-free energy by 2040
AEP, based in Columbus, Ohio, delivers power to 5.6 million customers in 11 states. AEP also is one of the nation’s largest electricity producers with nearly 29,000 megawatts of diverse generating capacity, including approximately 6,100 megawatts of renewable energy. AEP’s family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company.
