ALBUQUERQUE, N.M., Feb. 27,
2024 /PRNewswire/ -- PNM Resources (NYSE: PNM) has
completed the sale of its 50% ownership interest in its renewable
joint venture, New Mexico Renewable Development, LLC (NMRD) to Exus
North America Holdings, LLC.
PNM Resources and American Electric Power (AEP), which also owns
50% of NMRD, have agreed to sell the NMRD portfolio for
$234 million after customary
adjustments. As previously disclosed, PNM Resources' $117 million share of the proceeds will support
the funding of regulated capital investments.
The NMRD portfolio includes nine operating solar developments
totaling 185 MW and six projects under development with an
estimated output of 440 MW. PNM Resources previously reported the
earnings from its 50% ownership as part of the Corporate and Other
segment.
The sale received the necessary regulatory approval by the
Federal Energy Regulatory Commission, New
Mexico regulatory approvals associated with one of NMRD's
projects and clearance under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in
Albuquerque, N.M., with 2023
consolidated operating revenues of $1.9
billion. Through its regulated utilities, PNM and TNMP, PNM
Resources provides electricity to more than 800,000 homes and
businesses in New Mexico and
Texas. PNM serves its customers
with a diverse mix of generation and purchased power resources
totaling 3.0 gigawatts of capacity, with a goal to achieve 100%
emissions-free energy by 2040. For more information, visit the
company's website at www.PNMResources.com.
Contacts:
Analysts
|
Media
|
Lisa
Goodman
|
Ray Sandoval
|
(505)
241-2160
|
(505)
241-2782
|
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
Statements made in this news release for
PNM Resources, Inc. ("PNMR"), Public Service Company of
New Mexico ("PNM"), or Texas-New
Mexico Power Company ("TNMP") (collectively, the "Company") that
relate to future events or expectations, projections, estimates,
intentions, goals, targets, and strategies, including the unaudited
financial results and earnings guidance, are made pursuant to the
Private Securities Litigation Reform Act of 1995. Readers are
cautioned that all forward-looking statements are based upon
current expectations and estimates and apply only as of the date of
this report. PNMR, PNM, and TNMP assume no obligation to update
this information. Because actual results may differ materially from
those expressed or implied by these forward-looking statements,
PNMR, PNM, and TNMP caution readers not to place undue reliance on
these statements. PNMR's, PNM's, and TNMP's business, financial
condition, cash flow, and operating results are influenced by many
factors, which are often beyond their control, that can cause
actual results to differ from those expressed or implied by the
forward-looking statements. For a discussion of risk factors and
other important factors affecting forward-looking statements,
please see the Company's Form 10-K, Form 10-Q filings and the
information included in the Company's Forms 8-K with the Securities
and Exchange Commission, which factors are specifically
incorporated by reference herein.
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SOURCE PNM Resources, Inc.