NJR Clean Energy Ventures
NJR CLEAN ENERGY VENTURES ANNOUNCES COMPLETION OF SOLAR PROJECTS IN HOWELL AND NORTH HANOVER TOTALING 16 MEGAWATTS01/30/2015 - For Immediate Release
WALL, N.J. – NJR Clean Energy Ventures (NJRCEV), the unregulated distributed power subsidiary of New Jersey Resources(NYSE: NJR), announced the completion of a 9.9 megawatt (MW) grid-connected solar installation in Howell and a 6.1 MW system in North Hanover. With the addition of these projects, NJRCEV’s commercial solar portfolio now totals 19 installations with a capacity of 72 MW of clean energy in New Jersey.
“As electric generation in the U.S. continues to shift and evolve, clean energy, like solar, is an increasingly important part of the mix,” said Laurence M. Downes, Chairman and CEO of New Jersey Resources. “With solar projects, such as our grid-connected systems in Howell and North Hanover, we are bringing clean energy generation - and the benefits it provides – closer to home. That’s good for New Jersey and our energy future.”
The Howell solar farm is a ground-mount, grid-connected system, and represents an investment of $25.8 million. The clean energy produced at the site is enough to power 1,040 homes annually and reflects an estimated carbon reduction of 9,500 tons, or the equivalent of removing 1,825 cars from New Jersey’s roadways. The North Hanover solar installation, a ground-mount, grid-connected system, represents an investment of $15.8 million. The clean energy produced is enough to power over 650 homes annually, with an estimated carbon reduction of 6,000 tons, or the equivalent of removing 1,140 cars from New Jersey’s roads. NJRCEV owns, operates and maintains each system, as well as any tax credits and Solar Renewable Energy Certificates (SRECs) produced. SRECs are the credits generated by solar systems that can be sold to meet utility providers’ renewable energy requirements.
NJRCEV invests in, owns and operates renewable energy projects that generate clean power and provide low-carbon energy solutions. In total, the company maintains a portfolio of residential and commercial solar and onshore wind projects, totaling over 100 MW of installed capacity.
About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that provides safe and reliable natural gas and clean energy services, including transportation, distribution and asset management. With annual revenues in excess of $3 billion, NJR is comprised of five primary businesses:
- New Jersey Natural Gas is NJR’s principal subsidiary that operates and maintains over 7,000 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey’s Monmouth, Ocean and parts of Morris and Middlesex counties.
- 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 Clean Energy Ventures invests in, owns and operates solar and onshore wind projects with a total capacity of more than 100 megawatts, providing residential and commercial customers with low-carbon solutions.
- 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 118,000 service contract customers.
NJR and its more than 950 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