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NJR Clean Energy Ventures


03/12/2020 - For Immediate Release

njrcev solar farm on a lake

njrcev solar farm on a lake

Wall, NJ, March 11, 2020 – NJR Clean Energy Ventures (CEV), the renewable energy subsidiary of New Jersey Resources (NYSE: NJR), announced the addition of the largest floating solar array in North America to its portfolio of commercial solar projects. Located on a retention pond in Sayreville, NJ, the 4.4 megawatt photovoltaic system uses an innovative floating platform that allows standard solar panels to be installed on bodies of water. The clean power generated by the floating solar facility is sold to the Borough of Sayreville through a 15-year power purchase agreement and provides 100 percent of the electricity needed to run the borough’s water treatment plant. 

“New Jersey Resources is a leader in developing solar power in the state,” said Steve Westhoven, President and CEO of New Jersey Resources. “This innovative solar array turns underutilized space into clean energy that supports Sayreville’s energy needs and helps advance the state’s clean energy goals.”  

To help offset the power usage at the Sayreville water treatment plant and other borough facilities, the borough issued a RFP for a solar installation. With limited space available, a nearby retention pond was selected for the construction of a floating solar system. The project was engineered and permitted by RETTEW and built by Solar Renewable Energy LLC. After construction was complete, CEV took ownership and now operates the facility. 

The floating solar array consists of 12,762 HT-SAAE solar panels and occupies approximately 12 acres of the treatment plant’s 71-acre retention pond. The floating solar array stays cooler, which increases output efficiency. Additionally, with a 25’ buffer on all sides, recreational activities, such as fishing, can continue from the shoreline. 

CEV is a leader in New Jersey’s solar market, and has invested nearly $900 million in residential and commercial solar projects throughout the state. Its current portfolio of solar assets is now nearly 300 megawatts, or enough clean energy to power approximately 27,000 homes annually.

NJR’s strong track record of clean energy investments in New Jersey is an important aspect of its broader commitment to sustainability and emissions reduction. NJR is a partner in the effort to reach the state’s emissions reduction goals. With a far-reaching sustainability agenda, NJR expects to reduce its operational emissions in New Jersey by 50 percent of 2006 levels by 2050. Through its investments in sustainable infrastructure, clean energy innovations, renewable energy and energy efficiency programs, NJR is helping lead the way to a clean energy future.

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Forward-Looking Statements

This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. New Jersey Resources Corporation (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,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions 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, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this presentation include, but are not limited to, certain statements regarding NJR’s future capital expenditures, infrastructure programs and investments, Clean Energy Ventures’ ITC-eligible projects and demand for residential and commercial solar and NJR’s environmental, sustainability and clean energy goals. 

Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the U.S. 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, Information included in this presentation is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR'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 SEC, NJR 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.

About New Jersey Resources
NJR is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. It is composed of five primary businesses:

  • New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,500 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex and Burlington counties.

  • NJR Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of nearly 300 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 ownership of Leaf River Energy Center, Adelphia Gateway Pipeline Project and 50 percent equity ownership in Steckman Ridge natural gas storage facilities, as well as its 20 percent equity interest in the planned PennEast Pipeline Project.

  • NJR Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

NJR and its more than 1,100 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®. For more information about NJR:

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Michael Kinney, Media

Dennis Puma, Investor

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