NJR Clean Energy Ventures Announces Acquisition of 6.3 Megawatt Medicine Bow Onshore Wind Farm
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.
Forward-Looking Statements
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:
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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.
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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.
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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.
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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.
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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®.
For more information about NJR:
Visit www.njresources.com.
Follow
us on Twitter @NJNaturalGas.
“Like” us on
facebook.com/NewJerseyNaturalGas.
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relations app for iPad, iPhone and Android.
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