American Electric Power (AEP) has agreed to sell its 50% interest in New Mexico Renewable Development (NMRD) to Exus North America.
AEP and PNM Resources, which also owns 50% of NMRD, plan to sell the portfolio of 15 solar projects totaling 625 MW to Exus for approximately $230 million, subject to true-up adjustments at close.
AEP’s share of the sale is approximately $115 million and the company expects to receive about $104 million in cash after tax, transaction fees and other customary adjustments. The sale is expected to close in February 2024 and will not have a material impact on financial results.
“This sale is another step forward on our path to simplify our business and focus on investing in our core regulated operations, and we continue to execute on our strategy to de-risk the company,” says AEP’s Julie Sloat. “Earlier this year, we completed the $1.5 billion sale of other parts of our contracted renewables business. The proceeds from these sales are strengthening our balance sheet and supporting our continued efforts to create an energy system that benefits customers by providing safe, reliable and affordable electricity.”
The NMRD portfolio includes nine operating solar developments totaling 185 MW and six projects under development with an estimated output of 440 MW, says the company.
AEP launched the sale process for NMRD in June. KeyBanc Capital Markets is serving as financial advisor and Foley & Lardner LLP is serving as legal counsel to AEP and PNM Resources.
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AEP to Sell Interest in New Mexico Renewable Development to Exus
Here’s a very short video on the subject of metaphysics, the philosophy of being and reality.
It’s a great example of what I mean when I say that it has been a terrible last few centuries for philosophers.
In ancient times, if you wanted to know what the fundamental building blocks of the universe, you asked a philosopher, perhaps the ancient Athenian Democritus, who propounded the theory of the atom, which was, by definition, indivisible. Now we refer this question to the realm of particle physics.
Far more recently, those who struggled to know the ultimate nature of reality asked a metaphysician. Now, once again, we’ve put our trust in science.
I hope you’ll check out the video linked above.
As a PhD colleague once told me, “If you don’t care how much of pay for electricity, I’ll get you all the renewable energy you could ever ask for.”
They want you to invest. Have you ever asked why people with their own money at stake have abandoned these ideas 20 years ago?
At left we see why Lincoln would have done well to let the Confederacy cede from the Union. He could have simply written a letter to Robert E. Lee stating:
Keep your slaves and your land…for now. Wait until you experience the effects of near-zero industrial and military technology development and the civilized world’s refusal to trade with you barbarians. By the end of the 19th Century, a stiff breeze will blow you away. Maybe some future U.S. president will invade you with a troop of Boy Scouts with slingshots, or maybe a handful of banditos will ride up from Mexico.
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