WALL, N.J.--(BUSINESS WIRE)--NJR Clean Energy Ventures (NJRCEV), the unregulated distributed power subsidiary of New Jersey Resources (NYSE: NJR), announced the acquisition of the Medicine Bow Wind Farm, its fifth onshore wind project. Located in Carbon County, Wyoming, approximately 80 miles outside of Cheyenne, the project consists of nine fully operational Vestas turbines with a total capacity of 6.3 megawatts (MW). The energy produced is sold to the Platte River Power Authority, where it is distributed to municipal utilities in Estes Park, Fort Collins, Longmont and Loveland, Colorado.
“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 acquisition of the Medicine Bow Wind Farm, onshore wind now accounts for more than half 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.”
Utilizing a unique program of audits, upgrades and technology improvements, Medicine Bow underwent a successful overhaul by Gamesa that extended the service life of the wind farm’s turbines. Based on the nature of the work, the project qualifies for federal production tax credits (PTCs), which are based on kilowatt-hour output. All PTCs generated by the wind farm will be retained by NJR.
In addition to Medicine Bow, NJRCEV placed into service the Montana-based Two Dot Wind Farm in June 2014, the Carroll Area Wind Farm, located in Iowa, in February 2015 and the Alexander Wind Farm in Rush County, Kansas in December 2015. The Ringer Hill Wind Farm, located in Somerset County, Pennsylvania is currently under construction. When complete, NJRCEV’s onshore wind portfolio will total more than 126 MW, capable of producing enough energy to power over 29,000 homes per year.
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 our shareowners. To date, NJRCEV’s approach has focused on commercial and residential solar project development in New Jersey and onshore wind projects in the United States.
This news release 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. 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 new release includes, but is not limited to, certain statements regarding NJRCEV’s onshore wind farm investments and growth, including NJRCEV’s qualification for PTCs related to Medicine Bow 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, 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, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. With annual revenues in excess of $2.7 billion, NJR is comprised of five primary businesses:
- New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,300 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, Sussex and Burlington 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 more than 210 megawatts, providing residential, commercial, and wholesale customers with low-carbon solutions.
- NJR Midstream serves customers from local distributors and producers to electric generators and wholesale marketers through its 50 percent equity ownership in the Steckman Ridge natural gas storage facility and its stake in Dominion Midstream Partners, L.P., as well as its 20 percent equity interest in the 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 1,000 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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