Renewable energy giant to buy New Mexico's largest utility

  ALBUQUERQUE, N.M. (AP) — The parent company of New Mexico's largest electric utility will become part of energy giant Iberdrola's global holdings under a multibillion-dollar merger. Under the agreement announced Wednesday, Iberdrola's majority-owned U.S. subsidiary Avangrid will acquire PNM Resources. Officials say the transaction is part of Iberdrola's strategy for investing in regions where regulations related to renewable energy are stable and offer opportunities for growth. New Mexico in 2019 adopted ambitious mandates to become carbon-free by 2045, and Public Service Co. of New Mexico has vowed to meet that standard by 2040 through the addition of more solar generation and battery storage. The deal will have to be approved by regulators.