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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.

The post AEP to Sell Interest in New Mexico Renewable Development to Exus  appeared first on Solar Industry.

AEP to Sell Interest in New Mexico Renewable Development to Exus 

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Renewable Energy

When You’re Addressing Idiots You Can Get Away with a Lot

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At left we have John Fetterman talking to people so stupid they’ll believe that it would have been wrong for the British colonists to oppose King George III in the late 18th Century, or for the people of Germany and Italy in the 1930s to stand up against Hitler and Mussolini.  What about the people in today’s dictatorships, i.e., the people in Russia, China, North Korea, or any of the other 50+  authoritarian regimes around the world?

Morons tend to agree with the loudest, most aggressive voice of nationalism, regardless of how little sense it makes.

It’s a great moment of opportunity for Fetterman.

When You’re Addressing Idiots You Can Get Away with a Lot

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Renewable Energy

Carl Sagan and the Suppression of Uncomfortable Ideas

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Seminal astrophysicist Carl Sagan explains why uncomfortable ideas may be banned in religion, they must not be shunned in science.

This is an important concept in American life today, as conspiracy theorists are convinced that climate change denial cannot be considered in scientific circles.

I happened to bring this up in my interview with Dr. V. Ramanathan of the Scripps Institution, who has been amassing data on global warming since the 1970s.  He laughed, and explained, “If I could prove that human activity was not causing temperatures to rise, I’d be be one of the wealthiest and most famous scientists in world history.”

Carl Sagan and the Suppression of Uncomfortable Ideas

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Renewable Energy

We Came Incredible Close to Averting the Disaster that Is Donald Trump

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As suggested at left, a great deal of the hardship that has befallen the U.S. was simply bad luck.  Al Gore came within a whisker of victory in 2000, a win that would have forever changed the course of our nation in terms of energy policy, education, healthcare, and international affairs.

If Bernie had become the 2016 nominee, we wouldn’t have had Hillary Clinton telling our country’s most mean-spirited and least-educated people that they were “deplorables,” ushering a criminal sociopath into the White House.

We Came Incredible Close to Averting the Disaster that Is Donald Trump

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