PNM Announces New Solar Program for Customers, Issues Request for Proposals for New 50 MW Solar Facility

ALBUQUERQUE, N.M.: PNM Resources’ (NYSE: PNM) New Mexico utility, PNM, announced a new program designed to support governmental, tribal and large customers in meeting their sustainable energy goals.

The program, PNM Solar Direct, is a first-of-its-kind, innovative opportunity in New Mexico for local governments, tribes and large electric customers to subscribe to energy produced by a large-scale solar facility. In connection with the program, PNM has issued a request for proposals through Feb. 1, 2019 for a 50 megawatt solar facility that will add to the 874 megawatts of solar, wind and geothermal resources already planned to serve PNM customers in 2021. These renewable resources support the PNM goal to reduce greenhouse gas emissions through the planned exit from coal and the addition of more clean, sustainable energy resources to its portfolio.

“Several of our large customers, like the City of Albuquerque, have established goals for using clean energy or reducing their carbon footprint. PNM has been working closely with these customers to create a program to help them achieve those goals in a cost-effective way,” said Pat Vincent-Collawn, chairman, president and CEO of PNM Resources. “The PNM Solar Direct program, like the Facebook data center agreements, shows that PNM is committed to working with our customers to find solutions to their energy needs and making New Mexico a sustainable energy leader.”

The program was announced during a joint press conference with Albuquerque Mayor Tim Keller on Wednesday, Nov. 21, 2018. The City of Albuquerque is subscribing to the program for 25 megawatts, half of the planned output from the new solar facility.

“The City of Albuquerque has a goal of 100 percent sustainable energy and this is our first step towards achieving this goal,” said Albuquerque Mayor Tim Keller. “The program opens the door for other New Mexico governments to follow suit and brings more solar energy production to our state. This collaboration with PNM shows the changes we can make in our community when we work together to come up with new solutions.”

The program and the solar facility are subject to approval by the New Mexico Regulation Commission.

Background:
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.

Source: PNM Resources, Inc.