WALL, N.J.--(BUSINESS WIRE)--NJR Clean Energy Ventures (CEV), the non-regulated clean energy subsidiary of New Jersey Resources (NYSE: NJR), today announced the sale of its 9.7 megawatt (MW) wind farm in Two Dot, Montana to NorthWestern Energy (NWE) for $18.5 million. CEV entered into a purchase and sale agreement with the natural gas and electricity investor-owned utility, and submitted a joint filing for authorization with the Federal Energy Regulatory Commission (FERC). Once approved by FERC, the transaction is expected to close.
Located approximately 93 miles east of the state capital of Helena, the Two Dot wind farm was completed and became operational in 2014. It consists of six, GE 1.62 MW wind turbines, and the energy produced is currently sold to NWE. CEV also owns and operates wind projects in Carroll County, Iowa, Rush County, Kansas, Carbon County, Wyoming and Somerset County, Pennsylvania with a total installed capacity of 117 MW.
“NJR Clean Energy Ventures’ wind assets, with established long-term power purchase agreements, are highly valued by the marketplace,” said Stephen Westhoven, chief operating officer of New Jersey Resources. “The sale of Two Dot reflects the growing demand for clean energy projects, and we are taking a strategic review of our remaining wind assets.”
“Clean energy is, and will continue to be, an important part of our business,” Westhoven stated. “We will continue to make prudent investments to position our company for long-term growth.”
Since 2009, CEV has invested approximately $241 million in onshore wind and nearly $590 million in solar projects, and plans to invest $500 million over the next four years. As a leading solar provider in New Jersey, CEV has more than 6,500 residential solar lease customers and 32 commercial installations, capable of producing a total of 190 MW of installed capacity, or enough clean energy to power nearly 20,000 homes annually.
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 7,400 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 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 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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