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NJR Clean Energy Ventures


11/30/2022 - For Immediate Release

Mt. Olive, NJ – NJR Clean Energy Ventures (CEV), the renewable energy subsidiary of New Jersey Resources (NYSE: NJR), announced the completion of construction of a new 25.6 megawatt (MW) solar project – one of the largest capped landfill solar arrays in North America and the largest in New Jersey. Located on the site of the former Combe Fill North Landfill in Mount Olive, New Jersey, the ground-mounted solar array consists of approximately 56,900 solar panels and will provide enough clean energy to power over 4,000 homes annually and reduce emissions by 23,940 tons every year.

“NJR Clean Energy Ventures is committed to building a clean energy future with projects like the Mount Olive solar field,” said Steve Westhoven, President and CEO of New Jersey Resources. “By repurposing landfills and other underutilized spaces to produce clean, renewable energy, NJR is helping to power a bright, sustainable future, today and delivering clean energy innovations that drive New Jersey toward our clean energy goals.”

Closed for nearly four decades, the Mount Olive property operated as a landfill from 1966 to 1981. In 1982, it was placed on the United States Environmental Protection Agency's (EPA) National Priorities List of Superfund sites. Covering 102 acres of underutilized brown field, the clean power produced at the Mt. Olive solar field will feed into the local distribution system and be sold into the wholesale energy market through regional electrical grid operator PJM Interconnection.

The project was designed, engineered and permitted by CEP Renewables LLC, an accomplished developer of grid-connected, utility-scale solar projects with expertise utilizing unusable land such, as landfills, brownfields and Superfunds, to generate clean power, and built by CS energy using union labor.

“With global expertise and proven remediation, engineering and permitting strategies, CEP Renewables is a premier solar developer,” said Robert Pohlman, Vice President NJR Clean Energy Ventures and Corporate Strategy. “NJR Clean Energy Ventures has long supported state policy to prioritize underutilized land and bring complex solar projects – from conception to energization – to the marketplace.”

CEV owns and will operate the facility. A leader in the solar marketplace, CEV has invested over $1 billion in residential and commercial solar projects throughout New Jersey, New York, Connecticut and Rhode Island. With its portfolio of solar assets, CEV operates over 386 MW of installed capacity, or enough clean energy to power approximately 65,000 homes and reduce over 335,000 tons of greenhouse gas emissions 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. With a far-reaching sustainability agenda, NJR has already reduced its operational emissions in New Jersey by 50% of 2006 levels and set a goal to reduce those emissions to Net-Zero 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, the construction and operation of solar projects being developed by CEV 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
New Jersey Resources (NYSE: 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. NJR is composed of five primary businesses:
  • New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,700 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, Middlesex and Burlington counties.
  • NJR Clean Energy Ventures invests in, owns and operates solar and onshore wind projects with a total capacity of more than 380 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.
  • Storage & Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River and the Adelphia Gateway Pipeline Project, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility.
  • 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 nearly 1,300 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

Adam Prior, Investors

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