The US-based firm has entered into a definitive agreement with Public Service Company of New Mexico (PNM) for the transaction.
The lease provides PNM an end-of-lease option to buy Tortoise’s interest in the 216m, 345kV power transmission line for $7.7m.
"We continue to execute our strategy to become a Real Estate Investment Trust (REIT), and expect to qualify for REIT status for 2013," Tortoise said in a statement.
The company, which bought an existing lease for the EIP on 30 June 2011, will continue to lease its interest in the project to PNM through 1 April 2015.
Tortoise chief executive Dave Schulte noted that the return on this transaction will be at the low for this type of asset.
"We continue to execute our strategy to become a Real Estate Investment Trust (REIT), and expect to qualify for REIT status for 2013," Schulte added.
A directive from the Federal Energy Regulatory Commission (FERC) has partly promoted the negotiation of the end-of-lease purchase option.
Tortoise Capital Resources is managed by Corridor InfraTrust Management, an asset manager and an affiliate of Tortoise Capital Advisors.
