10:47 AM EST, 11/25/2024 (MT Newswires) -- TXNM Energy ( TXNM ) said Monday that its PNM unit is seeking regulatory approval of its proposed resource portfolio to extend existing resources and add 430 megawatts of new solar and battery storage.

PNM applied with the New Mexico Public Regulation Commission for the portfolio to be added by summer 2028, TXNM Energy ( TXNM ) said.

PNM is seeking approval to extend its 167 MW purchase power agreement through 2039, add 300 MW via two standalone 150 MW battery storage facilities, and develop a 130 MW solar and battery storage facility with an optional 20 MW battery expansion, to be owned and operated by the company.

The proposed portfolio represents a $220 million capital investment from PNM, or $252 million if the additional 20 MW of storage option is selected.

Shares of TXNM Energy ( TXNM ) were up 1.2% in recent trading.

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