American Electric Power (AEP) and PNM have completed the sale of New Mexico Renewable Development to Exus North America Holdings.
The sale portfolio includes nine operating solar developments totalling 185MW and six projects under development with an estimated output of 440MW.
AEP has received approximately US$104m in cash after tax, transaction fees and other customary adjustments for the stake.
PNM Resources’ US$117m share of the proceeds will support the funding of regulated capital investments.
The company began the sale process in June 2023 and received necessary regulatory approval from the Federal Energy Regulatory Commission, New Mexico regulatory approvals associated with one of NMRD’s projects and clearance under the Hart-Scott-Rodino Antitrust Improvement Act of 1976.