PNM Resources and American Electric Power plan to sell their 50% stake in New Mexico Renewable Development, LLC to Exus North America Holdings for approximately $230 million. The sale supports PNM’s capital investments, with a $115 million share. The sale, expected to close in February 2024, awaits regulatory approvals. KeyBanc Capital Markets advises, and Foley & Lardner LLP provides legal counsel.
PNM Resources unveils $230M sale of renewable venture stake
NMRD manages nine solar projects generating 185 MW and is developing six more with an anticipated output of 440 MW. Illustration from PNM Resources.
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