American Electric Power (AEP) has finalized the deal to sell its 50 percent stake in New Mexico Renewable Development to Exus North America Holdings (Exus).
American Electric Power has received approximately $104 million in cash after accounting for taxes, transaction fees, and other customary adjustments.
The completion of the sale follows the necessary regulatory approvals from key entities, including the Federal Energy Regulatory Commission and New Mexico regulatory authorities associated with specific projects under NMRD. Additionally, clearance was obtained under the Hart-Scott-Rodino Antitrust Improvement Act of 1976.
The portfolio being sold comprises nine operational solar developments, collectively generating 185 MW, along with six projects in various stages of development, expected to yield an estimated output of 440 MW.
American Electric Power, headquartered in Columbus, Ohio, underscores its commitment to delivering safe, reliable, and affordable power to its customers and communities. With a workforce of nearly 17,000 employees, the company operates and maintains an extensive network, including over 40,000 miles of transmission lines — the largest in the nation — and more than 225,000 miles of distribution lines, serving 5.6 million customers across 11 states.
AEP’s energy portfolio boasts 29,000 megawatts of generating capacity, with approximately 6,100 megawatts derived from renewable sources. In line with its sustainability objectives, AEP is investing $43 billion over the next five years to enhance the cleanliness and reliability of the electric grid.
AEP aims to achieve an 80 percent reduction in carbon dioxide emissions from 2005 levels by 2030, with a long-term goal of achieving net-zero emissions by 2045.