COLUMBUS, Ohio, Feb. 27,
2024 /PRNewswire/ -- American Electric Power (Nasdaq:
AEP) has completed the sale of its 50% interest in New Mexico
Renewable Development, LLC (NMRD) to Exus North America Holdings,
LLC (Exus). AEP nets approximately $104
million in cash after tax, transaction fees and other
customary adjustments.
AEP began the sale process in June
2023 and received necessary regulatory approval from the
Federal Energy Regulatory Commission, New
Mexico regulatory approvals associated with one of NMRD's
projects and clearance under the Hart-Scott-Rodino Antitrust
Improvement Act of 1976.
The sale portfolio includes nine operating solar developments
totaling 185 MW and six projects under development with an
estimated output of 440 MW.
At American Electric Power, based in Columbus, Ohio, we understand that our
customers and communities depend on safe, reliable and affordable
power. Our nearly 17,000 employees operate and maintain more than
40,000 miles of transmission lines, the nation's largest electric
transmission system, and more than 225,000 miles of distribution
lines to deliver power to 5.6 million customers in 11 states. AEP
also is one of the nation's largest electricity producers with
nearly 29,000 megawatts of diverse generating capacity, including
approximately 6,100 megawatts of renewable energy. AEP is investing
$43 billion over the next five years
to make the electric grid cleaner and more reliable. We are on
track to reach an 80% reduction in carbon dioxide emissions from
2005 levels by 2030 and have a goal to achieve net zero by 2045.
AEP is recognized consistently for its focus on sustainability,
community engagement and inclusion. AEP's family of companies
includes utilities AEP Ohio, AEP Texas, Appalachian Power (in
Virginia and West Virginia), AEP Appalachian Power (in
Tennessee), Indiana Michigan
Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power
Company (in Arkansas, Louisiana, east Texas and the Texas
Panhandle). AEP also owns AEP Energy, which provides
innovative competitive energy solutions nationwide. For more
information, visit aep.com.
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SOURCE American Electric Power