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
Renewable Energy
Here’s How to Clean Away a Messy Toilet Using Today’s Incredible Technology
I’ve never seen a toilet this soiled by diarrhea. But thankfully, there are now products that use pressurized steam to clean messes like this more-or-less instantly.
Apparently, they’re selling like hotcakes, but only to people incapable of asking themselves, “Where does all this fecal matter actually go? Does it seem like a good idea to blast it all over the bathroom? And if the bathroom door’s not closed, all over the house?”
Here’s How to Clean Away a Messy Toilet Using Today’s Incredible Technology
Renewable Energy
Home Schooling Is a Bit Controversial
In an average month, I meet at least one person who is homeschooling their child. I’m always tempted to ask about their reasoning, but I don’t, as it would bring up politics in at least 90% of cases, and I don’t like to alienate people by putting them on the defensive.
They probably know that homeschooling comes at a cost in terms of depriving the kid of the socialization that comes along with being surrounded with children their own age, but they believe they are protecting their kid from the multiplicity of dangers in public, and perhaps worse, private schools, starting with required vaccinations, then continuing into indoctrination into godlessness, socialism, science, and questioning the morality of America.
Obviously, as U.S. citizens, we have an extremely broad range of rights when it comes to how we raise our children. If we keep them fed and get them medical treatment when required, we’re home free.
If I had any inclination whatsoever to challenge these people, I’d ask about their proficiency with history, writing, and math. Even the common MAGA parent can teach his kid to read at a basic level and get through the multiplication tables, but how well is he equipped to take on geometry and the developments made by the Sumerians?
Clearly, such a discussion on this topic could get ugly very quickly.
Renewable Energy
Pride Flags
To me, a pride flag says, “We accept LGBTQ people, and we bear them no malice.”
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