Houston-based Clean Line Energy Partners has signed an agreement to acquire Power Network New Mexico. The acquisition will be completed pending receipt of a regulatory approval.
Power Network and the New Mexico Renewable Energy Transmission Authority (RETA) are jointly developing the Power Network transmission project, which consists of a proposed 200-mile, 345 kV alternating current transmission line currently under development.
According to Clean Line, Power Network will collect 1.5 GW of renewable power from east central New Mexico and deliver the power to markets in the western U.S., which will complement Clean Lines' development efforts of the Centennial West project, the company notes.
The New Mexico legislature created RETA by statute in 2007 with the objective of facilitating renewable energy development in New Mexico through the agency's authority to finance, plan, acquire, maintain and operate transmission and energy storage facilities. In 2010, RETA commissioned studies by Los Alamos National Laboratory and identified the Power Network project as a means of facilitating transmission in eastern and central New Mexico.