Utilities AEP, PNM Sell New Mexico Solar Assets for $230 Million
(Bloomberg) -- American Electric Power and PNM Resources Inc. have entered into an agreement to sell their joint venture New Mexico Renewable Development, which consists of 15 solar projects, to Exus North America Holdings LLC for about $230 million.
The utility companies said in separate statements Tuesday that the sale would help fund investments in the regulated side of their businesses. US utilities have been pushing to unload unregulated power assets outside of their home markets after Wall Street investors began prioritizing slimmed portfolios focused on core territories.
The sale is expected to close in February 2024.
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