PNM acquires 1.05 GW Transmission Line project in USA

Public Service Company of New Mexico (PNM), a wholly-owned subsidiary of PNM Resources, Inc., has closed on its purchase of the Western Spirit transmission line and service under the Transmission Service Agreements.

PNM had entered into an agreement with affiliates of Pattern Energy Group 2 LP, and the New Mexico Renewable Energy Transmission Authority (NM RETA) to acquire a renewable transmission project, Western Spirit, which will support the development of new wind resources in eastern New Mexico.

NM RETA and Pattern partnered to develop and construct the Western Spirit transmission project, and PNM has acquired the project as planned. 

PNM's acquisition reflects a US$285 million net investment. Affiliates of Pattern will fully fund the investment through an incremental PNM wholesale transmission customer rate approved by the Federal Energy Regulatory Commission (FERC) with no impact to the rates of existing retail and wholesale customers of PNM. PNM also received approval for the acquisition from FERC and the New Mexico Public Regulation Commission.