ALBUQUERQUE, N.M., Oct. 2, 2019 /PRNewswire/ -- PNM, the wholly owned New Mexico utility subsidiary of PNM Resources (PNM), today received 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.
"We are pleased that this project has received the required regulatory approvals and continues to move forward," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "We remain proud to be part of this project with Pattern and NM RETA and to expand our transmission grid in support of renewable investments that bring new construction jobs and tax revenues to the state and to improve our ability to make New Mexico a leader in clean energy."
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 $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.
"Today's favorable ruling by the New Mexico PRC will help New Mexico unlock its world-class wind resources, and it means Pattern Development is on track to create hundreds of construction jobs next year with a major wind and transmission build-out that is deeply in line with the goals of the Energy Transition Act," said Mike Garland, CEO of Pattern Energy and Pattern Development. "This sound decision will keep the state on a path toward becoming a national leader in clean energy. We believe in New Mexico, and we look forward to continued investment and to being part of the economic fabric of the state for years to come."
PNM Resources (PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,681 megawatts of generation capacity and provides electricity to more than 785,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release for PNM Resources, Inc. ("PNMR") and Public Service Company of New Mexico ("PNM") (collectively, the "Company") that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies are made pursuant to the Private Securities Litigation Reform Act of 1995. Readers are cautioned that all forward-looking statements are based upon current expectations and estimates. PNMR and PNM assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR and PNM caution readers not to place undue reliance on these statements. PNMR's and PNM's, business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond their control, that can cause actual results to differ from those expressed or implied by the forward-looking statements. For a discussion of risk factors and other important factors affecting forward-looking statements, please see the Company's Form 10-K and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
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