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
Of course, there is no science or math behind the map here. But it fits the narrative that people are fleeing California because of its (you name it) environmental regulation, high taxes, woke ideologies, etc.
Why would anyone want to live in a state that, if it were a nation on its own, would be the fourth largest economy on Earth? Leads the planet in innovation? Where someone can ski and surf in the same day?
Better get yer ass down to Texas, the oil-drillin’ and death penalty capital of the world.
If you’re a racist moron who’s desperate to punish blacks, immigrants, Muslims, LGBTQs, as well as intelligent, kind people, you can force yourself to believe that constant torrent of lies that come out of Trump’s mouth.
You go online our turn on the television, not to learn something, but go shopping for ideas that support the hateful crap that’s already in your mind.
Wind turbines work by extracting some of the kinetic energy from moving air and transferring it to the blades that move in a circle.
No moving parts means no kinetic energy.
Sorry.
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