NJR Clean Energy Ventures
NJR CLEAN ENERGY VENTURES ANNOUNCES COMPLETION OF 48.3 MEGAWATT ONSHORE WIND FARM12/11/2015 - For Immediate Release
WALL, N.J. – NJR Clean Energy Ventures (NJRCEV), the unregulated distributed power subsidiary of New Jersey Resources (NYSE: NJR), today announced the completion of the Alexander Wind Farm, its third – and largest – onshore wind project. Located in Rush County, Kansas, approximately 120 miles northwest of Wichita, the $83 million project consists of 21 turbines with a total capacity of 48.3 megawatts (MW), or enough clean energy to power over 17,000 homes annually.
“Our investment in onshore wind represents a long-term growth opportunity for our company and our shareowners,” said Laurence M. Downes, chairman and CEO of New Jersey Resources. “With the successful completion of the Alexander Wind Farm, onshore wind now accounts for 40 percent of our distributed power capacity and underscores NJR Clean Energy Ventures’ continuing efforts to strengthen and diversify our portfolio, as well as our commitment to make clean energy – and its benefits – more accessible.”
The energy produced at the Alexander Wind Farm, as well as the renewable attributes, will be sold under two long-term agreements. The Kansas City Board of Public Utilities (KCBPU) has signed a 20-year power purchase agreement for approximately 50 percent of the energy. The KCBPU currently serves approximately 65,000 electric and 59,000 water customers in Wyandotte County, Kansas. The remaining energy will be purchased through a 15-year agreement by Yahoo!, Inc., the global Internet corporation headquartered in Sunnyvale, CA. Yahoo will use the wind power to offset much of its energy usage in the Great Plains region.
In addition to the Alexander Wind Farm, NJRCEV placed the Montana-based Two Dot Wind Farm in service in June 2014 and the Carroll Area Wind Farm, located in Iowa, in service in February 2015. These two wind farms have a total capacity of 9.7 MW and 20 MW, respectively.
NJRCEV expects the wind farm will qualify for federal production tax credits (PTCs), which are based on kilowatt-hour output. All PTCs generated by the Alexander Wind Farm will be retained by NJR.
NJRCEV invests in, owns and operates distributed power projects that generate clean energy and provide low-carbon energy solutions. These investments benefit customers, while providing growth opportunities for shareholders. To date, NJRCEV’s approach has focused on commercial and residential solar project development in New Jersey and onshore wind projects in the Midwestern United States.
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 “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 NJRCEV’s investment in the Alexander Wind Farm, including NJRCEV’s qualification for PTCs related to Alexander Wind Farm.
Factors that could cause actual results to differ materially from the company’s expectations include, but are not limited to, weather and economic conditions; the ability to obtain governmental approvals and/or financing for the construction, development and operation of certain non-regulated energy investments; risks associated with our investments in clean energy projects, including the availability of regulatory and tax incentives, NJR’s eligibility for PTCs, and operational risks related to projects in service. NJR does not, by including this paragraph, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events. More detailed information about these factors is set forth under the heading “Risk Factors” in NJR’s filings with the Securities and Exchange Commission (SEC) including its most recent Form 10-K filed on November 24, 2015.
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 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 over 195 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 its stake in Dominion Midstream Partners, L.P.
- 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 117,000 service contract customers.
NJR and its nearly 1,000 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