AEP SIGNS AGREEMENT TO SELL NEW MEXICO SOLAR ASSETS
COLUMBUS, Ohio, Dec. 26, 2023 /PRNewswire/ — American Electric Power (Nasdaq: AEP) has entered into an agreement to sell its 50% interest in New Mexico Renewable Development, LLC (NMRD) to Exus North America Holdings, LLC (Exus). AEP and PNM Resources, which also owns 50% of NMRD, plan to sell the portfolio of 15 solar projects totaling 625 megawatts (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 AEP 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.