New Jersey Resources' subsidiary NJR Clean Energy Ventures to lease 13 acres in Manalapan, New Jersey, for US$18M, 3.6-MW ground-mounted solar system
WALL, New Jersey
May 3, 2011
– NJR Clean Energy Ventures (NJRCEV), a subsidiary of New Jersey Resources (NYSE: NJR), today announced an agreement with the Village at Manalapan Solar LLC to lease 13 acres of land in Manalapan, New Jersey, for a state-of-the-art, ground-mounted solar system. The 3.6 megawatt, $18 million, project will be capable of generating enough electricity to power 450 homes annually. Once installed, the power generated by the system will be used to serve the wholesale electric market.
“The investment of a solar system at the Village at Manalapan site is an investment in New Jersey’s economic development, environment and energy future,” said Laurence M. Downes, chairman and CEO of New Jersey Resources. “As the latest commercial project in our solar pipeline to come to fruition, this installation represents our first ground-mounted system and reflects our role as a leader in the energy marketplace. We will continue to look for new opportunities in the solar market that are consistent with our core energy strategy and benefit our customers, company and state.”
NJRCEV will lease the site for a period of 21 years from Village At Manalapan Solar LLC, an affiliate of Spano Partners Holdings (SPH) (www.spanopartners.com). James Spano, managing partner of SPH, stated “Spano Partners is proud to have been able to use its broad expertise in navigating both the electrical industry’s regulatory path as well the local, county, and state land use approval processes to partner with NJRCEV in taking this underutilized land and making it an economically and environmentally productive site. We are delighted to join NJRCEV in stimulating New Jersey’s economic growth to produce jobs while enhancing its citizens’ quality of life with clean, renewable energy here at Village at Manalapan and our other sites under development in the state.”
NJR expects that investments made by NJRCEV will qualify for a 30 percent federal investment tax credit. In addition, the energy produced will be eligible for Solar Renewable Energy Certificates (SRECs), which can be sold to Load Serving Entities in New Jersey to meet their renewable energy requirements. Additional return on investment will be provided by the sale of electricity to the wholesale market.
According to a study by Rutgers University Bloustein School of Planning and Public Policy on the “Economic Impacts of Energy Infrastructure Investments," it is estimated that up to 74 jobs will be created as a result of this project. The system is expected to be completed and in service by Fall 2011.
The solar installation at Manalapan Village is the first ground-mounted project announced by NJRCEV.
About New Jersey Resources
New Jersey Resources, a Fortune 1000 company, provides safe and reliable natural gas and renewable energy services, including transportation, distribution and asset management in states from the Gulf Coast to the New England regions, including the Mid-Continent region, the West Coast and Canada, while investing in and maintaining an extensive infrastructure to support future growth. With over $2.5 billion in annual revenues, NJR safely and reliably operates and maintains 6,700 miles of natural gas transportation and distribution infrastructure to serve nearly half a million customers; develops and manages a diverse portfolio of 1.6 Bcf/day of transportation capacity and over 59 Bcf of storage capacity; offers low carbon solutions of clean energy through its commercial and residential solar programs, and provides appliance installation, repair and contract service to nearly 150,000 homes and businesses. Additionally, NJR holds investments in midstream assets through equity partnerships including Steckman Ridge and Iroquois. Through Conserve to Preserve®, NJR is helping customers save energy and money by promoting conservation and encouraging efficiency. For more information about NJR, visit www.njliving.com.