Tortoise Capital Resources Agrees to Sell Eastern Interconnect Project for $7.7M

Tortoise Capital Resources Corp.

today announced that on November 1, 2012 it entered into a definitive agreement with Public Service Company of New Mexico (PNM) for the sale of its 40-percent undivided interest in the Eastern Interconnect Project (EIP) upon lease termination on April 1, 2015. The lease provides PNM an end-of-lease option to purchase TTO's interest for fair market value, and the parties agreed to a value of $7.7 million for the transaction.