NJR Clean Energy Ventures
NJR CLEAN ENERGY VENTURES ANNOUNCES 20 MEGAWATT ONSHORE WIND PROJECT; SECOND WIND FARM PROJECT CONTINUES DIVERSIFICATION OF DISTRIBUTED POWER PORTFOLIO02/05/2014 - For Immediate Release
WALL, N.J. – NJR Clean Energy Ventures (NJRCEV), the unregulated distributed power subsidiary of New Jersey Resources (NJR), today announced that it has agreed to acquire its second onshore wind project. The Carroll Area wind farm project will be located on 1,100 acres of rural agricultural land in Carroll County, Iowa, approximately 65 miles northwest of Des Moines. NJRCEV will invest approximately $42 million to construct, own and operate the wind farm with a total capacity of 20 megawatts.
“With the Carroll Area wind farm project, NJR Clean Energy Ventures continues to successfully execute its distributed power strategic plan,” said Laurence M. Downes, chairman and CEO of New Jersey Resources. “As renewable energy becomes an increasingly larger and important part of our nation’s energy future, we will continue to identify investment opportunities that strengthen our distributed power portfolio, reduce our reliance on investment tax credits from solar investments, benefit our company and shareowners and are consistent with our core values of quality service and environmental stewardship.”
Additionally, NJRCEV expects the wind farm will qualify for federal production tax credits (PTC’s), which are based on kilowatt-hour output. All PTCs generated by the Carroll Area wind farm will be retained by NJR.
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. Words such as “will,” anticipates,” “estimates,” “expects,” “projects,” “intends,” “plans,” “believes,” “may,” “should” 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 filing includes, but is not limited to, certain statements regarding the acquisition of the Carroll Area wind farm, size of NJRCEV’s investment in the Carroll Area wind farm, estimates regarding the capacity and date of completion of the wind farm, NJRCEV’s qualification for PTCs related to Carroll Area wind farm, and the diversification of NJR’s distributed power portfolio.
- New Jersey Natural Gas is NJR’s principal subsidiary that operates and maintains 7,000 miles of natural gas transportation and distribution infrastructure to serve approximately half a million customers in New Jersey’s Monmouth, Ocean and parts of Morris and Middlesex counties.
- NJR Clean Energy Ventures invests in, owns and operates solar and onshore wind projects with a total capacity in excess of 61 megawatts, providing residential and commercial customers with low-carbon solutions.
- NJR Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
- NJR Midstream serves customers from local distributors and producers to electric generators and wholesale marketers through its equity ownership in a natural gas storage facility and a transportation pipeline, both of which are Federal Energy Regulatory Commission, or FERC-regulated investments.
- NJR Home Services provides heating, central air conditioning, standby generators, solar and other indoor and outdoor comfort products to residential homes and businesses throughout New Jersey and serves approximately 120,000 service contract customers.
NJR and its more than 900 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®.
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Michael Kinney, Media
Joanne Fairechio, Investors
Dennis Puma, Investors