PNM Resources (PNM) to Sell Renewable Joint Venture for $230M

Zacks2023-12-28

PNM Resources, Inc. PNM and American Electric Power AEP announced an agreement to sell their 50% ownership interest each in renewable joint venture New Mexico Renewable Development, LLC (“NMRD”) to ...

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PNM and American Electric Power AEP announced an agreement to sell their 50% ownership interest each in renewable joint venture New Mexico Renewable Development, LLC (“NMRD”) to ...</p>\n\n<a href=\"https://finance.yahoo.com/news/pnm-resources-pnm-sell-renewable-125100214.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>PNM Resources (PNM) to Sell Renewable Joint Venture for $230M</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPNM Resources (PNM) to Sell Renewable Joint Venture for $230M\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-12-28 20:51 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/pnm-resources-pnm-sell-renewable-125100214.html><strong>Zacks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>PNM Resources, Inc. PNM and American Electric Power AEP announced an agreement to sell their 50% ownership interest each in renewable joint venture New Mexico Renewable Development, LLC (“NMRD”) to ...</p>\n\n<a href=\"https://finance.yahoo.com/news/pnm-resources-pnm-sell-renewable-125100214.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4081","symbol_name":"电力公用事业","start_time":0,"source_url":"https://finance.yahoo.com/news/pnm-resources-pnm-sell-renewable-125100214.html","article_id":"2394746286","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/Ofu26dWheCyMACv.hSl_Ww--~B/aD00MDA7dz02MzU7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/4f011cc71b11153b59240f52c7d98a7b"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2394746286","pubTimestamp":1703767860,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"PNM Resources, Inc. PNM and American Electric Power AEP announced an agreement to sell their 50% ownership interest each in renewable joint venture New Mexico Renewable Development, LLC  to Exus North America Holdings. This agreement is worth approximately $230 million, subject to true-up adjustments at close.The transaction is contingent to regulatory clearance from the New Mexico government and the Federal Energy Regulatory Commission in relation to one of NMRD's projects.PNM Resources disclosed the earnings from its 50% shareholding, under its Corporate and Other segment. The NMRD portfolio consists of six ongoing projects with a projected output of 440 megawatt  and nine operational solar ventures totaling 185 MW.PNM Resources anticipated gross proceeds of $115 million, which will go toward supporting regulated capital projects. 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PNM and American Electric Power AEP announced an agreement to sell their 50% ownership interest each in renewable joint venture New Mexico Renewable Development, LLC (“NMRD”) to Exus North America Holdings. This agreement is worth approximately $230 million, subject to true-up adjustments at close.The transaction is contingent to regulatory clearance from the New Mexico government and the Federal Energy Regulatory Commission in relation to one of NMRD's projects.\nDetails of the Deal\nPNM Resources disclosed the earnings from its 50% shareholding, under its Corporate and Other segment. The NMRD portfolio consists of six ongoing projects with a projected output of 440 megawatt (MW) and nine operational solar ventures totaling 185 MW.PNM Resources anticipated gross proceeds of $115 million, which will go toward supporting regulated capital projects. The agreement is expected to be closed in February 2024.\nFocus on Renewable Energy\nPer a U.S. Energy Information Administration report (EIA), the decline in coal usage for electricity generation is offset by an increase in renewable sources of energy, which is expected to increase 22% in 2023 and 24% in 2024.EIA also expects that the 23 gigawatts (GW) in 2023 and 37 GW in 2024 of new solar capacity scheduled to come online will help U.S. solar generation grow 15% in 2023 and 39% in 2024. Solar and wind generation, in unison, is expected to overtake electric power generation from coal for the first year ever in 2024, exceeding coal by nearly 90 billion kilowatt-hours.The passage of the Inflation Reduction Act will support and accelerate the utilities’ transition toward clean energy sources. The Act entails an opportunity for a wide range of low-cost clean energy solutions in a predictable way for a long time. It will also create earnings visibility.PNM Resources is focused on developing cost-effective power generation units to provide reliable and affordable power. It also aims at exiting coal-fired generation by 2024, replacing the production with renewable sources. The company plans to achieve 80% clean energy by 2040 and net zero emissions by 2045.Along with PNM Resources, some other electric power industry companies like Dominion Energy, Inc. D and NextEra Energy, Inc. NEE are also adopting measures to meet clean-energy targets.Dominion Energy aims to attain net-zero carbon and methane emissions from its electric generation and natural gas infrastructure by 2050. The company aims to cut emissions by 70-80% by 2035 from the 2005 level. By 2035, D also intends to make zero and low-emitting resources accountable for 99% of its electricity generation.D’s long-term (three to five years) earnings growth rate is 4%. The company delivered an average earnings surprise of 3.3% in the last four quarters.NextEra Energy produces a large volume of electricity from wind and solar energy. The company, through its subsidiaries, is advocating higher usage of clean fuel sources to generate electricity and aiming to reduce total carbon emissions by 67% within 2025 from the 2005 level.NEE’s long-term earnings growth rate is 8.18%. The Zacks Consensus Estimate for its 2023 earnings per share indicates an increase of 7.6% year over year. \nPrice Performance\nIn the past six months, shares of PNM Resources have lost 7.6% compared with the industry’s 3.2% decline. \n \nImage Source: Zacks Investment Research\nZacks Rank\nPNM Resources currently carries a Zacks Rank #3 (Hold).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nNextEra Energy, Inc. (NEE) : Free Stock Analysis Report\nAmerican Electric Power Company, Inc. (AEP) : Free Stock Analysis Report\nDominion Energy Inc. (D) : Free Stock Analysis Report\nPNM Resources, Inc. (PNM) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2394746286"}