Emera, the owner of Nova Scotia Power, has sold one of it’s U.S.-based companies for $1.252 billion USD.
New Mexico Gas Company Inc. will change hands to Bernhard Capital Partners, pending final approval from the New Mexico Public Regulation Commission, according to a news release from Emera.
The company hopes to use $750 million USD to pay off some of its debt and “support its investment opportunities in its regulated utility businesses.”
But the deal would also support its capital plan, which could include work in any of Emera’s energy operations across Canada, the United States and the Caribbean.
Emera acquired the TECO group of companies in 2016, which included New Mexico Gas. The company grew to serve 545,000 customers and is one of the largest natural gas utilities in the state, the release said.
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