NJR Clean Energy Ventures Announces Completion of 48.3 Megawatt Onshore Wind Farm
NJR Clean Energy Ventures (NJRCEV), the unregulated distributed power
subsidiary of New Jersey Resources (NYSE: NJR), today announced the
completion of the Alexander Wind Farm, its third – and largest – onshore
wind project. Located in Rush County, Kansas, approximately 120 miles
northwest of Wichita, the $83 million project consists of 21 turbines
with a total capacity of 48.3 megawatts (MW), or enough clean energy to
power over 17,000 homes annually.
“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 successful
completion of the Alexander Wind Farm, onshore wind now accounts for 40
percent 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.”
The energy produced at the Alexander Wind Farm, as well as the renewable
attributes, will be sold under two long-term agreements. The Kansas City
Board of Public Utilities (KCBPU) has signed a 20-year power purchase
agreement for approximately 50 percent of the energy. The KCBPU
currently serves approximately 65,000 electric and 59,000 water
customers in Wyandotte County, Kansas. The remaining energy will be
purchased through a 15-year agreement by Yahoo!, Inc., the global
Internet corporation headquartered in Sunnyvale, CA. Yahoo will use the
wind power to offset much of its energy usage in the Great Plains region.
In addition to the Alexander Wind Farm, NJRCEV placed the Montana-based
Two Dot Wind Farm in service in June 2014 and the Carroll Area Wind
Farm, located in Iowa, in service in February 2015. These two wind farms
have a total capacity of 9.7 MW and 20 MW, respectively.
NJRCEV expects the wind farm will qualify for federal production tax
credits (PTCs), which are based on kilowatt-hour output. All PTCs
generated by the Alexander Wind Farm will be retained by NJR.
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
shareholders. To date, NJRCEV’s approach has focused on commercial and
residential solar project development in New Jersey and onshore wind
projects in the Midwestern United States.
This news release contains forward-looking statements within the meaning
of 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 filing includes, but is not limited to, certain statements
regarding NJRCEV’s investment in the Alexander Wind Farm, including
NJRCEV’s qualification for PTCs related to Alexander 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 (SEC) 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 provides safe and reliable natural gas and clean energy services,
including transportation, distribution and asset management. With annual
revenues in excess of $3 billion, NJR is comprised of five primary
New Jersey Natural Gas is NJR’s principal subsidiary that operates
and maintains over 7,000 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 and Middlesex
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 over 195 megawatts,
providing residential and commercial customers with low-carbon
NJR Midstream serves customers from local distributors and
producers to electric generators and wholesale marketers through its
equity ownership in a natural gas storage facility and its stake in
Dominion Midstream Partners, L.P.
NJR Home Services provides heating, central air conditioning,
standby generators, solar and other indoor and outdoor comfort
products to residential homes and businesses throughout New Jersey and
serves approximately 117,000 service contract customers.
NJR and its nearly 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®.
For more information about NJR:
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