AEP Completes Sale of New Mexico Solar Assets

Source Company Press Release
Company American Electric Power Company, Inc., Exus Management Partners, PNM Resources Inc
Tags Country: United States, M&A: Corporate Deal, Deals, Renewables: Renewables News, Segment: Power
Date February 27, 2024

American Electric Power (Nasdaq: AEP) has completed the sale of its 50% interest in New Mexico Renewable Development, LLC (NMRD) to Exus North America Holdings, LLC (Exus). AEP nets approximately $104 million in cash after tax, transaction fees and other customary adjustments.

AEP 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.

The sale portfolio includes nine operating solar developments totaling 185 MW and six projects under development with an estimated output of 440 MW.

Source: EvaluateEnergy® ©2024 EvaluateEnergy Ltd