PNM to Add 100MW of Solar in New Mexico to Serve Facebook Data Center
PNM Resources (PRNewsFoto/PNM Resources, Inc.) (PRNewsfoto/PNM Resources, Inc.)
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PNM Resources, Inc.
Oct 19, 2018, 12:41 ET
ALBUQUERQUE, N.M., Oct. 19, 2018 /PRNewswire/ -- PNM Resources' (NYSE: PNM) New Mexico utility, PNM, received approval on Wednesday from the New Mexico Public Regulation Commission (NMPRC) to purchase 100 megawatts of solar generation from NM Renewable Development, LLC (NMRD) in order to continue serving the Facebook data center in New Mexico with 100 percent renewable energy. This addition supports the goal to achieve a more sustainable energy portfolio at PNM.
Opportunities for solar energy are abundant in New Mexico, and Facebook's growth allows us to demonstrate our commitment to making our state a sustainable energy leader, said Pat Vincent-Collawn, chairman, president and CEO of PNM Resources. We are proud to support Facebook's presence in New Mexico.
NMRD, a joint venture between subsidiaries of PNM Resources and American Electric Power, will build two 50 megawatt solar photovoltaic generation facilities in New Mexico. The first facility is expected to be operational by the end of 2019, followed by the second facility in June 2020. Each facility is expected to result in approximately $70 million of investment in New Mexico and create approximately 200 construction jobs.
With these two new projects, we have worked with PNM to bring 396 megawatts of new wind and solar projects that will contribute to a greener grid and help bring more renewable energy and investment to New Mexico, said Bobby Hollis, Head of Global Energy at Facebook. We appreciate New Mexico's supportive environment that has enabled us to procure this amount of renewable energy so quickly.
Solar and wind projects constructed to serve Facebook are expected to total approximately $800 million of investment in New Mexico and create over 1,300 construction and permanent jobs, representing significant economic development in Valencia, Bernalillo, Quay, Torrance, Cibola and Sandoval counties.
The agreements are subject to approval from the Federal Energy Regulatory Commission.
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2017 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,580 megawatts of generation capacity and provides electricity to more than 773,000 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 that relate to future events or PNM Resources, Inc.'s (PNMR) or Public Service Company of New Mexico's (PNM) (collectively, the Company) 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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