NJR Clean Energy Ventures
NJR CLEAN ENERGY VENTURES ANNOUNCES 4.7 MEGAWATT SOLAR PROJECT IN VINELAND, NJ06/20/2011 - For Immediate Release
WALL, NJ – NJR Clean Energy Ventures (NJRCEV), a subsidiary of New Jersey Resources (NYSE: NJR), today announced that it will invest up to $23.7 million to develop, own and operate a 4.7 megawatt, ground-mount solar system in Vineland, NJ. Once complete, the solar installation will provide electricity to the wholesale market through the Vineland Municipal Electric Utility (VMEU).
“Our latest commercial solar project will incorporate the use of a single axis tracking system,” said Laurence M. Downes, chairman and CEO of New Jersey Resources. “This tracking system will provide 20 to 25 percent greater energy output compared to a fixed-tilt racking system. Increasing the renewable energy generated without changing the system footprint provides the opportunity to utilize our properties more efficiently. We will continue to look for new opportunities in the solar market that are consistent with our core energy strategy to create jobs and benefit our customers, company and state.”
NJRCEV has contracted with American Capital Energy, a full-service solar engineering, procurement and construction contractor, to develop the project. Additionally, NJRCEV is working with PJM Interconnection, LLC and the VMEU to serve the wholesale market with the power produced by the solar array.
Investments made by NJRCEV will qualify for a 30-percent federal investment tax credit. In addition, the energy produced will be eligible for Solar Renewable Energy Certificates (SRECs), which can be sold to Load Serving Entities in New Jersey to meet their renewable energy requirements. Additional return on investment will be provided by the sale of electricity to the wholesale market.
The solar array is expected to produce 7.2 million kWh annually, eliminating approximately 4,953 metric tons of carbon equivalent emissions from the atmosphere per year or the equivalent of removing the carbon dioxide emissions produced by approximately 971 cars. According to a study by Rutgers University Bloustein School of Planning and Public Policy on the “Economic Impacts of Energy Infrastructure Investments,” it is estimated that up to 116 jobs will be created as a result of this project. The system is currently expected to be completed and in operation by September 30, 2011.
The Vineland solar installation follows NJRCEV’s announcement of a $60 million, 14.1 megawatt system at McGraw-Hill’s East Windsor, NJ campus. This is in addition to the nearly $36 million that has already been committed to invest in rooftop and ground-mount solar systems in Monmouth and Middlesex counties. Together, these systems will have a generating capacity of 26.3 megawatts.
About New Jersey Resources
New Jersey Resources, a Fortune 1000 company, provides reliable and renewable energy and natural gas services including transportation, distribution, and asset management in states from the Gulf Coast to the New England regions, including the Mid-Continent region, the West Coast and Canada, while investing in and maintaining an extensive infrastructure to support future growth. With over $2.5 billion in annual revenues, NJR safely and reliably operates and maintains 6,800 miles of natural gas transportation and distribution infrastructure to serve nearly half a million customers; develops and manages a diverse portfolio of more than 1.6 Bcf/day of transportation capacity and 50 Bcf of storage capacity; offers low carbon, clean energy solutions through its commercial and residential solar programs, and provides appliance installation, repair and contract service to approximately 150,000 homes and businesses. Additionally, NJR holds investments in midstream assets through equity partnerships including Steckman Ridge and Iroquois. Through Conserve to Preserve®, NJR is helping customers save energy and money by promoting conservation and encouraging efficiency. For more information about NJR, visit www.njliving.com.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Certain statements contained in this presentation are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. "Words such as “anticipates,” “estimates,” “expects,” “projects,” “intends,” “plans,” “believes,” “may,” “should,” “will” and similar expressions may identify forward-looking information and such forward-looking statements are made based upon management’s current expectations and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on NJR will be those anticipated by management. Forward-looking information in this release includes, but is not limited to, certain statements regarding the solar project to be located at Vineland, NJ.
NJR cautions persons reading this press release that the assumptions that form the basis for forward-looking statements contained herein include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. The factors that could cause actual results to differ materially from NJR’s expectations include, but are not limited to, risks associated with NJR’s investments in solar energy projects, including the availability of regulatory and tax incentives, logistical risks and potential delays related to construction, permitting, regulatory approvals and electric grid interconnection, the availability of viable projects and NJR's eligibility for federal investment tax credits (ITCs) and the future market for Solar Renewable Energy Credits (SRECs) that are traded in a competitive marketplace in the state of New Jersey. Additional information and other factors are contained in NJR's filings with the Securities and Exchange Commission (SEC), including NJR's Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC's web site, http:.//www.sec.gov. Information included in this press release is representative as of today only and while the Company periodically reassesses material trends and uncertainties affecting the Company’s results of operations and financial condition in connection with its preparation of management’s discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the Securities and Exchange Commission, the Company does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.
Mike Kinney, Media Contact
Dennis Puma, Investor Contact