Sunset On Solar Venture: PNM Resources And AEP Complete Sale Of New Mexico JV Assets

2/28/24 5:38:25 AM ET

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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 other customary adjustments.

As previously disclosed, PNM Resources’ $117 million share of the proceeds will support the funding of regulated capital investments.

The deal was announced on December 26, 2023. Since then, shares of PNM Resources have fallen about 9%. In the last one year, PNM Resources lost over 22% in share value.

While reporting 2023 results, PNM Resources revealed that it incurred a whopping charge of $242.0 million in regulatory disallowances and restructuring costs, which includes a settlement involving rate credits associated with the retirement of the San Juan Generating Station and disallowances in PNM’s recent rate case outcome related to legacy generation assets.

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.

Price Action: PNM shares closed higher by 2.65% to $38.02 on Tuesday.

Photo via Shutterstock

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