JULY 3, 2024 – AXIUM INFRASTRUCTURE SELLS ITS INTEREST IN THE COACHELLA PROJECT TO ITS PARTNER THE MORONGO BAND OF MISSION INDIANS
New York, NY – Axium Infrastructure is pleased to announce that it has sold one of its managed funds’ 49% interest in Morongo Transmission LLC, a joint venture with the Morongo Band of Mission Indians that owns a leasehold interest in 62% of the transfer capacity of the West of Devers Upgrade Project, to the Morongo Band. Axium had invested in this construction project in March 2019 and commercial operations began in 2021. The project, which runs from the Palm Springs area into the LA basin and increased capacity on an existing line from 1.6GW to 4.8GW, has been critical to California in reaching its goals of obtaining 50% of its electricity from renewable sources by 2025, 60% by 2030, and 100% by 2045.