AEP Agrees to $115 Million Solar Project Sale: New Mexico Renewable Development's 15-Site Portfolio to Exus North America
Portfolio Pulse from Benzinga Newsdesk
American Electric Power (AEP) has agreed to sell its 50% stake in New Mexico Renewable Development (NMRD) to Exus North America for approximately $115 million. The deal includes a portfolio of 15 solar projects totaling 625 MW. AEP's expected net proceeds are about $104 million after taxes and fees. The sale, also involving PNM Resources' 50% stake for a total of $230 million, is set to close in February 2024 and is not anticipated to materially impact AEP's financial results.
December 26, 2023 | 11:34 am
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AEP is selling its 50% interest in NMRD's solar projects to Exus for $115 million, with an expected net cash receipt of $104 million. The transaction is not expected to materially affect AEP's financial results.
While the sale of AEP's stake in the solar projects is significant, the company has stated that it will not have a material impact on its financial results. The net proceeds of $104 million are a positive, but given the size of AEP and the nature of the transaction, it is unlikely to significantly affect the stock price in the short term.
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