PNM - Sunset On Solar Venture: PNM Resources And AEP Complete Sale Of New Mexico JV Assets | Benzinga
PNM Resources, Inc. (NYSE:PNM) said it has completed the sale of its 50% ownership interest in its renewable joint venture, New Mexico Renewable Development (NMRD) to Exus North America Holdings.
PNM Resources and American Electric Power Company, Inc. (NASDAQ:AEP), which also owns 50% of NMRD, have agreed to sell the NMRD portfolio for $234 million after customary adjustments.
AEP nets approximately $104 million in cash after tax, transaction fees and