American Electric Power (AEP) has completed the sale of its 50% interest in New Mexico Renewable Development, LLC (NMRD) to Exus North America Holdings, LLC (Exus). AEP nets approximately $104 million in cash after tax, transaction fees and other customary adjustments.
AEP began the sale process in June 2023 and received necessary regulatory approval from the Federal Energy Regulatory Commission, New Mexico regulatory approvals associated with one of NMRD’s projects and clearance under the Hart-Scott-Rodino Antitrust Improvement Act of 1976.
The sale portfolio includes nine operating solar developments totalling 185 MW and six projects under development with an estimated output of 440 MW.
American Electric Power, based in Columbus, Ohio, understands that their customers and communities depend on safe, reliable and affordable power.
Their nearly 17,000 employees operate and maintain more than 40,000 miles of transmission lines, the US’ largest electric transmission system, and more than 225,000 miles of distribution lines to deliver power to 5.6 million customers in 11 states.
AEP also is one of the US’ largest electricity producers with nearly 29,000 megawatts of diverse generating capacity, including approximately 6,100 megawatts of renewable energy. AEP is investing $43 billion over the next five years to make the electric grid cleaner and more reliable. They are on track to reach an 80% reduction in carbon dioxide emissions from 2005 levels by 2030 and have a goal to achieve net zero by 2045.
