Renewable energy firm gets the goods
ALBUQUERQUE, N.M. – The Associated Press is reporting that the parent company of New Mexico’s largest electric utility will become part of energy giant Iberdrola’s global holdings under a multibillion-dollar merger.
According to AP, the agreement was announced Wednesday. Iberdrola’s majority-owned U.S. subsidiary Avangrid will acquire PNM Resources and its assets in New Mexico and Texas. The merger will require approval from a number of state and federal regulators in a process that’s expected to take a year.
PNM Resources in New Mexico Being Sold
Leaders close to the deal say this deal offers opportunities for growth. And would create the one of the largest renewable energy firms in the country.
Officials with both PNM Resources and Avangrid said the merger will provide for more opportunities to invest in infrastructure and technology to further their renewable energy pursuits.
Avangrid currently holds 1,900 MW of renewable energy and a pipeline of 1,400 MW of renewables assets in New Mexico and Texas . Iberdrola also operates a retail business in Texas .
