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
The many millions of participants in today’s “No Kings” rallies around the world are doing everything possible to avoid hostility between the event supporters and Trump supporters who claim it promotes a “hatred of America” and “domestic terrorism.”
Whether these days of hate and oppression will persist for a “long, long time,” or whether the pendulum is about to swing back the other way remains to be seen.
It’s certainly a terrible time to be an American.
I just saw a question on social media: do you want your tax dollars going to feed someone else’s kids??
Yes. I’d like to live in a world in which no kids go hungry, and I don’t have a problem contributing to create that world.
This may sound like a tall order, especially given the variability of wealth in the world’s countries.
But let’s stick with the U.S. for a minute. In the US, nearly 14 million children live in food-insecure households, a statistic that has risen recently, with some reports indicating that one in five children face hunger.
This is disgraceful.
So again, yes. Please sign me up to allocate a portion of my tax dollars to feeding hungry kids.
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