American Electric Power To Sell 50% Stake In New Mexico Renewable Development To Exus

(RTTNews) - American Electric Power Company, Inc. (AEP) has inked an agreement to sell its 50 percent stake in New Mexico Renewable Development, LLC or NMRD to Exus North America Holdings, LLC, an independent investment and asset management firm.

AEP's stake is valued at around $115 million and the company expects receive about $104 million in cash after tax and other adjustments.

The NMRD portfolio consists of nine operating solar developments totaling 185 MW and six projects under development with an estimated output of 440 MW as per AEP.

The deal is expected to close in February 2024.

The company said the sale will not have a material impact on its financial results.

In pre-market activity, AEP shares are trading at $81.57, up 1.48% on the Nasdaq.