Western Spirit Transmission project acquisition receives regulatory approvals
PNM, the wholly-owned New Mexico utility subsidiary of PNM Resources has received the New Mexico Public Regulation Commission (NMPRC) approval to acquire the Western Spirit transmission project from an affiliate of Pattern Energy Group 2 LP (Pattern Development) and the New Mexico Renewable Energy Transmission Authority (NM RETA). The acquisition was previously approved by the Federal Energy Regulatory Commission, including approval of PNM's requested incremental wholesale transmission rate.
Pursuant to the May 1, 2019 agreement among the parties, NM RETA, and Pattern Development will develop and construct the Western Spirit transmission project, which will be acquired by PNM upon completion of construction for a net investment of US$285 million.
PNM expects the project will be completed in 2021. The capacity additions will strengthen the existing PNM system and provide upgrades to accommodate 800 megawatts of new wind energy.
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