PNM to Expand Transmission Grid to Support Renewable Energy
PNM, the New Mexico utility subsidiary of PNM Resources, announced Wednesday an agreement with Pattern Development, an affiliate of Pattern Energy Group 2 LP, and the New Mexico Renewable Energy Transmission Authority (NM RETA) to acquire a renewable transmission project to support the development of new wind resources in eastern New Mexico.
NM RETA and Pattern Development partnered to develop and construct the project. Construction of the project is expected to be completed in 2021, when PNM will acquire it, resulting in a net investment of $285 million.
The capacity additions will strengthen the PNM system and provide upgrades to accommodate approximately 800 megawatts of new wind energy.
“While sunshine and wind may be plentiful in New Mexico, the ability to deliver the clean energy they can produce is limited by the capacity of transmission lines,” Pat Vincent-Collawn, PNM Resources’ chairman, president and CEO, said. “Expansion of the PNM transmission grid makes it possible for Pattern Development to invest in wind energy resources in New Mexico. 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.”