Blackstone Infrastructure's $11.5 Billion Acquisition of TXNM Energy

planned

Blackstone Infrastructure proposes an $11.5 billion acquisition of TXNM Energy Inc., the parent company of PNM and Texas-New Mexico Power. The acquisition aims to bring long-term private capital into New Mexico's energy infrastructure to support modernization and meet rising energy demands, including those from data centers and population growth. The project includes infrastructure upgrades such as the North Albuquerque Acres Substation, which has been delayed for years. Blackstone has pledged $105 million in rate credits over four years and committed to retaining the local workforce and keeping PNM's headquarters in New Mexico.