PNM - Electric Company AEP and PNM Unload 50% Solar Stake for $230M in Strategic Shift | Benzinga
American Electric Power Co Inc (NASDAQ: AEP), along with PNM Resources Inc (NYSE: PNM), inked a deal to divest around 50% stake each in New Mexico Renewable Development, LLC (NMRD) to Exus North America Holdings, LLC for about $230 million.
In particular, AEP and PNM Resources intend to sell the portfolio of 15 solar projects totaling 625 megawatts (MW).
AEP's share of the sale is around $115 million, and it expects to garner about $104 million in cash after tax, transaction fees, and ...