AEP Sells New Mexico Solar Business for $230 Million to Focus on Core Regulated Operations.

AEP is selling its New Mexico solar business for US$230 million as part of its plan to simplify its operations and focus on investing in core regulated operations. The majority of NMRD’s solar capacity is under development, with nine projects being sold, nine operational and six in development stages. The sale is expected to close in February 2024, with proceeds split evenly between AEP and PNM. This move follows AEP’s recent sale of a 1.3GW solar and wind portfolio for $1.5 billion to a JV between renewables developer Invenergy and Blackstone Infrastructure Partners. AEP plans to refocus its operations on its regulated businesses, particularly in grids and transmission, particularly those in Kentucky, Arkansas, Indiana, Louisiana, Michigan, Ohio, Oklahoma, Tennessee, Texas, Virginia and West Virginia.