The New Mexico Public Regulation Commission on Oct. 2 approved a PNM Resources Inc. subsidiary's acquisition of the Western Spirit transmission project, the last required regulatory milestone for the transfer to proceed.
In August, the Federal Energy Regulatory Commission approved PNM Resources subsidiary Public Service Co. of New Mexico's acquisition of the 345-kV transmission project from Pattern Energy Group 2 LP, known as Pattern Development, and the New Mexico Renewable Energy Transmission Authority, a state agency created to facilitate the development of transmission resources supporting renewable energy projects. The Pattern Energy Group Inc. unit and state agency will continue to construct the line, which PNM will acquire upon its completion in 2021.
In an order, New Mexico regulators said PNM's purchase price was an estimated $359.2 million. In a news release, PNM said its net investment will total $285 million.
"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," Mike Garland, CEO of Pattern Energy and Pattern Development, said in the news release. "This sound decision will keep the state on a path toward becoming a national leader in clean energy."
The line is planned to run about 140 miles between a PNM substation northwest of Albuquerque, N.M., and a new substation near Corona, N.M. Pattern Development is planning an additional 800 MW of wind generation in New Mexico in 2020.
"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," continued Garland.
Pattern Energy Group 2 LP and the state transmission authority bought the line in May 2018 from private developer Clean Line Energy Partners LLC. (New Mexico Public Regulation Commission Case No. 19-00129-UT)
