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Electric Company AEP and PNM Unload 50% Solar Stake for $230M in Strategic Shift

American Electric Power Co Inc (NASDAQ: AEP), along with PNM Resources Inc (NYSE: PNM), inked a deal to divest around 50% stake each in New Mexico Renewable Development, LLC (NMRD) to Exus North America Holdings, LLC for about $230 million. In particular, AEP and PNM Resources intend to sell the portfolio of 15 solar projects totaling 625 megawatts (MW). AEP's share of the sale is around $115 million, and it expects to garner about $104 million in cash after tax, transaction fees, and other...
United States New Mexico Julie Sloat Wikimedia Commons Exus North America Holdings Mexico Renewable Development
Source: yahoo.com

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