NJR Clean Energy Ventures
WAKEFERN FOOD CORP. AND NJR CLEAN ENERGY VENTURES ANNOUNCE SOLAR PROJECT FOR WAKEFERN DISTRIBUTION CENTER IN KEASBEY- For Immediate Release
Wall, NJ – Wakefern Food Corp. and NJR Clean Energy Ventures (NJRCEV), a subsidiary of New Jersey Resources (NYSE: NJR), today announced that they began work on the installation of a rooftop solar system at a Wakefern Food Corp. distribution center in Keasbey, New Jersey. The 2.4 megawatt solar system will supply power to a refrigerated warehouse, helping lower Wakefern’s long-term electricity costs and its greenhouse gas emissions.
“Wakefern has been committed to reducing its impact on the environment for more than thirty years,” said Joe Sheridan, president and COO of Wakefern Food Corp. “Generation of renewable energy is a natural next step in our commitment to sustainable business practices. We are delighted to partner with NJR Clean Energy Ventures to bring the power of solar energy to our perishable warehouse in Keasbey."
The solar array is expected to produce nearly 2,900,000 kilowatt hours annually, eliminating 2,000 metric tons of carbon-equivalent emissions from the atmosphere. This equates to removing the carbon dioxide emissions produced by approximately 390 vehicles.
“Together with Wakefern, we are making renewable energy and its benefits a greater piece of our energy future,” said Laurence M. Downes, chairman and CEO of New Jersey Resources. “As a leader in the energy marketplace, NJR Clean Energy Ventures continues to look for new opportunities in the solar market that are consistent with our core energy strategy to support job creation and benefit our customers, company and state.” Based upon the findings of a study by Rutgers University Bloustein School of Planning and Public Policy, it is estimated that up to 35 jobs will be created as a result of this project.
NJRCEV will invest $6.9 million to develop and install the state-of-the-art, solar array across the 300,000 square feet of rooftop. The system will be installed by Advanced Solar Products of Flemington, New Jersey and is expected to be operational by December 31, 2012.
The Wakefern solar project is one of the latest installation projects in the NJRCEV commercial solar portfolio, with commercial ground-mounted and rooftop solar projects totaling 27.6 megawatts in commercial operation in Monmouth, Mercer, Middlesex and Cumberland counties.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA). 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 PSLRA. "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 proposed solar project to be located at Keasbey, NJ.
About Wakefern Food Corp.
From a small, struggling cooperative with eight members – all owners of their own grocery stores – Wakefern Food Corp. has grown into the largest retailer-owned cooperative in the United States. Founded in 1946, the cooperative is comprised of 47 members who today individually own and operate nearly 250 supermarkets under the ShopRite banner in New Jersey, New York, Connecticut, Pennsylvania, Maryland and Delaware. In 1996, Wakefern introduced PriceRite stores, extending the company’s reach into Rhode Island and Massachusetts. Today, there are 49 PriceRite stores in six states. As the merchandising and distribution arm of both ShopRite and PriceRite, Wakefern, together with its member companies, employ more than 50,000 people; making it one of the largest employers in New Jersey. In addition, Wakefern also distributes products to other supermarkets throughout the northeastern United States and Bermuda. Wakefern was recently named one of the Best Places to Work in NJ by NJBIZ Magazine. In 2011, Supermarket News gave Wakefern its Retail Excellence Award and The Griffin Report named Wakefern its Retailer of the Year. For more information, please visit www.Wakefern.com.
About New Jersey Resources
New Jersey Resources, a Fortune 1000 company, provides safe and reliable natural gas and renewable energy 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 $3 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 1.5 Bcf/day of firm transportation and over 62.1 Bcf of firm storage capacity; offers low-carbon, clean energy solutions through its commercial and residential solar programs and provides appliance installation, repair and contract service to nearly 135,000 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.njresources.com, ““Like” us at Facebook.com/NewJerseyNaturalGas, follow us on Twitter @NJNaturalGas and download our free NJR investor relations app for iPad.
Renée Amellio, Media - NJ Resources
Dennis Puma, Investors - NJ Resources
Santina Stankevich, Media - Wakefern