Today, Texas-New Mexico Power (TNMP) filed its application with the Public Utility Commission of Texas (PUCT) seeking approval for TXNM Energy, TNMP’s parent company, to be acquired by Blackstone Infrastructure.
“This agreement will provide the financial resources necessary to thrive in this rapidly changing energy environment and meet the unprecedented future growth anticipated across Texas,” said Neal Walker, President of TNMP. “It will help us maintain a reliable, resilient grid during this period of sustained high-demand growth.”
While this acquisition strengthens TNMP’s ability to serve the state’s growing energy needs, it will not change the company’s core identity. TNMP will remain headquartered in Texas, led by local management and employees dedicated to serving customers. The application includes strong governance and oversight provisions, ensuring that decision-making authority remains with TNMP’s board of directors and that the company remains adequately funded with no transaction-related debt. TNMP’s union commitments will continue to be honored as part of the transaction, and electric rates will remain regulated by the PUCT.
Customer and Community Benefits
The application provides immediate and long-term benefits for TNMP’s customers and communities, including:
- $35 million in customer rate credits over four years;
- $10 million in economic development funds over 10 years to support workforce development; and
- $5 million in additional community support over 10 years to enhance charitable giving.
Blackstone Infrastructure’s Commitment
Blackstone Infrastructure, which has more than $64 billion in assets under management, is focused on long-term investments in North American infrastructure. Its perpetual capital structure allows for multi-decade partnerships with utilities and communities.
“TNMP has done an excellent job of meeting its customers’ growing demand for electricity and supporting the communities it serves,” said Sean Klimczak, Global Head of Blackstone Infrastructure. “We look forward to utilizing our long-term investment commitments to support TNMP as they continue on this path of high-demand growth across Texas.”
About TNMP
TNMP is an electric utility serving more than 280,000 homes and businesses across Texas. Headquartered in Lewisville, Texas, TNMP is committed to providing safe, reliable, and affordable electricity while supporting the communities it serves through economic development and charitable giving.
About Blackstone Infrastructure
Blackstone Infrastructure is an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors. We seek to apply a long-term buy-and-hold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield. Our approach to infrastructure investing is one that focuses on responsible stewardship and stakeholder engagement to create value for our investors and the communities we serve.