AEP, PNM Sell New Mexico Renewable Development Solar Assets to Exus - Bloomberg
AEP, PNM Sell New Mexico Renewable Development Solar Assets to Exus - Bloomberg
Utilities AEP, PNM Sell New Mexico Solar Assets for $230 Million
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.
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Utilities AEP, PNM Sell New Mexico Solar Assets for $230 Million
Related Knowledge Center: ENERGY BASICS: solar
Declining costs and government encouragement have resulted in a rapid increase in solar energy production in the United States over the past 10 years, although solar’s share remains small: 1.6 percent of all electricity generation in 2018. That rapid growth is projected to continue.