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
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.
What former labor secretary Robert Reich says at left is exactly what I believe.
First of all, the idea that the Democratic party has turned into the “radical left” is pure GOP propaganda.
In any case, you either support American democracy, rule of law, truth, and the well-being of the common person, or you don’t. There really is no middle ground.
I can’t see it, if he means a national office. Why? He’s an ardent and outspoken Trump supporter.
Support of Trump wasn’t a political non-starter until his second term, but now the screwworm and the algae in the Reflecting Pool have higher approval ratings.
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