Foley Represents Subsidiaries of American Electric Power Company and PNM Resources in Agreement to Sell New Mexico Solar Assets

Foley represented subsidiaries of American Electric Power (AEP) and PNM Resources (PNM) in the agreement to sell their renewables joint venture, New Mexico Renewable Development, LLC (NMRD), to Exus North America Holdings, LLC (Exus) for approximately $230 million. Through this deal, AEP and PNM will sell their 50 percent stakes in NMRD, comprising 15 solar projects totaling 625 megawatts in capacity.

The NMRD portfolio includes nine operating solar developments totaling 185 megawatts and six projects under development with an estimated output of 440 megawatts. The sale is expected to close in February 2024, subject to regulatory approvals.

The Foley deal team was led by partner David Clark and included Rachel Conrad, Caleb Loschen, Alexis Davis, Erin Bartlett, Larry Bonney, Nick Benson, Gregory Neppl, Richard Flannery, Christopher Swift, and Dania Abbasi.