NJR Clean Energy Ventures (CEV), a clean energy subsidiary of New Jersey Resources, announced the sale of its remaining 117 megawatt (MW) wind portfolio, consisting of four wind farms, to a subsidiary of Skyline Renewables for a total of $208.5 million, assuming a closing of Dec. 31. CEV entered into a purchase and sale agreement and submitted a joint filing with Skyline for authorization with the Federal Energy Regulatory Commission (FERC). Once approved by FERC, the transaction is expected to close. The proceeds from the sale will reduce external financing needs, which is factored into NJR’s current fiscal 2019 financing guidance.
Earlier this year, CEV sold a 9.7 MW wind farm for $18.5 million. The announcement completes the sale of all its operating wind farms.
“While we have divested our current wind portfolio, clean energy is an integral part of our business and we will continue to invest in clean energy projects that position NJR for long-term growth,” said Stephen D. Westhoven, president and COO of New Jersey Resources.
Since 2009, CEV has invested about $700 million in solar projects, and plans to invest $500 million over the next four years. As a leading solar provider in New Jersey, CEV has approximately 7,300 residential solar lease customers and 35 commercial installations, capable of producing a total of 231 MW of installed capacity, or enough clean energy to power over 20,000 homes annually.
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