Energy
On Nov 26, 2024
NJR Clean Energy Ventures (CEV), a clean energy subsidiary of New Jersey Resources (NJR), has announced the sale of its 91 megawatt (MW) residential solar portfolio, to Spruce Power Holding Corporation for a total of $132.5 million.
NJR expects to record a gain on sale in fiscal 2025, and will use the proceeds to pay down corporate debt and for general working capital purposes.
“Renewable energy investments are an integral part of our business and will continue to be a key driver of NJR’s long-term growth strategy,” said Steve Westhoven, president and CEO of NJR. “Following this transaction, Clean Energy Ventures will have a sharpened focus on the strong opportunities for growth within its commercial solar portfolio, driven by a nearly 1 gigawatt (GW) pipeline of diverse investment options.”
CEV’s residential solar program, which operated under the brand of “The Sunlight Advantage®,” provides qualifying homeowners with the opportunity to have a solar system installed at their home with no installation or maintenance expenses. The existing lease agreements will be assumed by Spruce in full for the approximately 9,800 participating homeowners.
Since 2009, CEV has invested over $1.2 billion in solar projects, becoming the largest owner-operator of commercial solar in New Jersey. CEV has begun to diversify regionally and now has assets in New York, Connecticut, Rhode Island, Indiana, and Michigan.
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