PNM Resources completes sale of its 50% interest in NMRD to Exus

PNM Resources (PNM) has completed the sale of its 50% ownership interest in its renewable joint venture, New Mexico Renewable Development, or NMRD, to Exus North America Holdings. PNM Resources and American Electric Power (AEP), which also owns 50% of NMRD, have agreed to sell the NMRD portfolio for $234M after customary adjustments. As previously disclosed, PNM Resources’ $117M share of the proceeds will support the funding of regulated capital investments. 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.