Exus North America, a renewables asset management and development firm, has announced the acquisition of New Mexico Renewable Development (NMRD). The deal involves 15-project solar farm portfolio, totaling 625 megawatts.
This significant development is expected to contribute substantially to the State of New Mexico’s goal of achieving a 100 percent clean energy mix by 2040.
The portfolio, jointly owned by energy holding company PNM Resources (PNM) and utility American Electric Power (AEP), is poised to change hands with the closure of the sale anticipated in February 2024. Exus North America will assume full ownership, control, and responsibility for all aspects of the projects, from development and construction to operational management.
At present, the portfolio consists of nine operational solar projects generating 185 megawatts and an additional six projects in various stages of development, with a combined estimated output of 440 megawatts. This diversified mix positions Exus to play a pivotal role in driving New Mexico’s renewable energy capacity expansion.
New Mexico’s abundant sunlight, ranking it among the top states for annual sunlight hours, makes it an ideal location for solar energy projects. The geographical landscape, featuring expansive plateaus, further enhances the feasibility of constructing well-sited and low-impact solar projects, contributing to the state’s growing solar power generation sector.
Following the completion of the acquisition, Exus will not only gain access to a portfolio with operating assets supported by long-term Power Purchase Agreements (PPAs) in the local market but will also embark on developing additional projects to capitalize on the region’s untapped potential. With a robust history and expertise in renewables development, construction, operations, and asset management, Exus is well-positioned to extract maximum value from this diverse portfolio.
Jim Spencer, President & CEO of Exus North America, expressed enthusiasm about the acquisition, stating, “New Mexico has a robust commitment to growing its renewable energy industry. We’re keen to contribute to furthering that mission. With this latest acquisition, we’d like to thank PNM and AEP for the opportunity to complete the development of a set of resilient solar projects that will bolster New Mexico’s renewable energy capacity and deliver even more clean power to consumers and businesses.”
In a related development, Partners Group, a leading global private markets firm, committed to investing up to $1 billion in Exus at the close of 2023. This financial backing adds momentum to Exus’ growing pipeline of planned project acquisitions in North America, augmenting its existing portfolio of 1.8 gigawatts of solar assets under management in the United States.