Thursday, May 23, 2024
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American Electric Power (AEP) has finalized the sale of its 50% interest in New Mexico Renewable Development (NMRD) to Exus North America Holdings, LLC (Exus). Following the completion of the transaction, AEP will receive approximately $104 million in cash after tax, transaction fees, and other customary adjustments.

The sale process commenced in June 2023, and AEP obtained the necessary regulatory approvals from the Federal Energy Regulatory Commission, New Mexico regulatory bodies linked with one of NMRD’s projects, and clearance under the Hart-Scott-Rodino Antitrust Improvement Act of 1976.

The portfolio sold comprises nine operational solar developments with a combined capacity of 185 MW and six projects under development estimated to generate 440 MW upon completion.

AEP, headquartered in Columbus, Ohio, underscores its commitment to providing safe, reliable, and affordable power to customers and communities. With nearly 17,000 employees, AEP operates and maintains over 40,000 miles of transmission lines—the largest electric transmission system in the nation—and more than 225,000 miles of distribution lines, serving 5.6 million customers across 11 states.

AEP is also a significant electricity producer, boasting nearly 29,000 megawatts of diverse generating capacity, including approximately 6,100 megawatts of renewable energy. The company is investing $43 billion over the next five years to enhance the electric grid’s cleanliness and reliability. AEP aims to achieve an 80% reduction in carbon dioxide emissions from 2005 levels by 2030 and strives for net-zero emissions by 2045.

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