Exus North American Holdings, the North American subsidiary of Madrid-based private equity firm Exus Management Partners, last week agreed to acquire a solar joint venture, New Mexico Renewable Development, for $230 million. American Electric Power and PNM Resources each owns 50 percent interest in the solar JV and reportedly will equally divide the $230 million sale price.
The NMRD portfolio is comprised of 15 solar projects (six under development) totaling 625 megawatts. Closing is expected in February. “This sale is another step forward on our path to simplify our business and focus on investing in our core regulated operations,” Julie Sloat, chair, president and CEO of Columbus-based AEP, said Dec 26, “and we continue to execute on our strategy to de-risk the company.”