NJR Sells Remaining Wind Assets for $208M
- Nov 29, 2018
NJR Clean Energy Ventures, a clean energy subsidiary of New Jersey Resources, has sold its remaining 117-megawatts of wind power, consisting of four wind farms. CEV entered into a purchase and sale agreement and submitted a joint filing with Skyline for authorization with the Federal Energy Regulatory Commission.
The buyer is a subsidiary of Skyline Renewables and paid $208.5 million for the wind portfolio. The transaction is expected to close after it passes FERC. The proceeds from the sale will reduce external financing needs, factored into NJR’s current fiscal 2019 financing guide.
Focus on solar
The deal follows CEV’s sale of a 9.7-megawatt wind farm for $18.5 million. The current transaction completes the sale of all its operating wind farms. The anticipated date of closing is the last day of 2018.
“While we have divested our current wind portfolio, clean energy is an integral part of our business and we will continue to invest in clean energy projects that position NJR for long-term growth,” Stephen Westhoven, president & COO of New Jersey Resources, said in a prepared statement.
In the last decade, CEV has invested about $700 million in solar projects and has plans to invest another $500 million over the next four years. The company has about 7,300 residential solar lease customers and 35 commercial installations with a total installed capacity of 231 megawatts, the equivalent of powering more than 20,000 homes annually.