US, New Mexico, Albuquerque: PNM, the wholly owned New Mexico utility subsidiary of PNM Resources, announced an agreement with an affiliate of Pattern Energy Group 2 LP (Pattern Development), 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.
PNM will acquire the Western Spirit project upon completion of construction in 2021, resulting in a $285 M net investment. The capacity additions will strengthen the existing PNM system and provide upgrades to accommodate 800 MW of new wind energy.
"Expansion of the PNM transmission grid makes it possible for Pattern Development to invest in wind energy resources in New Mexico," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "The purpose of NM RETA is to encourage this type of renewable investment that brings new construction jobs and tax revenues to the state, and we are pleased to have the opportunity to support these efforts along with Governor Lujan Grisham's plans to make New Mexico a leader in clean energy."
Source: PR Newswire