Exus North America Acquires 625 MW Solar Portfolio in New Mexico

Renewables asset management and development firm, Exus North America, has announced its successful acquisition of New Mexico Renewable Development LLC (NMRD), a portfolio comprising 15 solar farm projects totaling 625 megawatts. The portfolio, jointly owned by energy holding company PNM Resources (PNM) and utility American Electric Power (AEP), is expected to conclude the sale in February 2024.

Upon the finalization of the acquisition, Exus will take on full ownership, development, construction, and operational responsibilities for all 15 projects. The current portfolio includes nine operational projects with a combined capacity of 185 megawatts, and an additional six projects in development, estimated to generate a total output of 440 megawatts. This substantial contribution aligns with the State of New Mexico’s target of achieving a 100% clean energy mix by 2040.

New Mexico, with its high potential for solar energy due to abundant sunlight hours and favorable geography, has become a rising star in solar power generation. The state’s commitment to clean energy is further bolstered by projects like these, which contribute significantly to its renewable energy capacity.

Exus, leveraging its extensive experience in renewables development, construction, operations, and asset management, is well-positioned to maximize the value derived from this portfolio. The projects come with long-term Power Purchase Agreements (PPAs) and represent a strategic move for Exus in both the operating and developmental aspects of solar energy in the New Mexico market.

Jim Spencer, President & CEO of Exus North America, expressed gratitude to PNM and AEP for the opportunity to contribute to the development of resilient solar projects that will enhance New Mexico’s renewable energy capacity and provide clean power to consumers and businesses.

This acquisition is part of Exus’s broader strategy in North America, with Partners Group, a global private markets firm, having agreed to invest up to $1 billion in Exus at the end of 2023. The transaction reflects Exus’s commitment to expanding its presence, adding to its existing portfolio of 1.8 gigawatts of solar assets under management in the United States.