NJR Clean Energy Ventures (CEV), a subsidiary of New Jersey Resources, has agreed to sell its remaining 117MW wind portfolio of four wind farms to a subsidiary of Skyline Renewables for a total of $208.5m.
Image: NJR sells four wind farm portfolio to Skyline Renewables. Photo: Courtesy of Friedrich Plechschmidt/FreeImages.com.
NJR and Skyline submitted a joint filing with the Federal Energy Regulatory Commission (FERC) for authorization of the deal. Once approved, the deal is expected to be closed by the end of this year.
NJR also stated that the proceeds from the sale can help in reducing its external financing needs, which are factored into its current fiscal 2019 financing guidance.
Earlier this year, the company sold a 9.7MW wind farm for $18.5m. The latest announcement completes the sale of all of the wind farms that it operates.
New Jersey Resources president and chief operating officer Stephen Westhoven said: “While we have divested our current wind portfolio, clean energy is an integral part of our business and we will continue to invest in clean energy projects that position NJR for long-term growth.”
Since 2009, NJR Clean Energy Ventures claims to have invested nearly $700m in solar projects and plans to invest nearly $500m over the next four years.
As one of the major solar providers in the state, the company has about 7,300 residential solar lease customers and 35 commercial installations, capable of producing a total of 231MW of installed capacity, or enough clean energy to power over 20,000 homes annually.
In October, Skyline Renewables agreed to purchase Starwood Energy’s 51% stake in the Horse Creek and Electra wind farms.
Horse Creek and Electra wind farms are located in Haskell and Wilbarger counties, Texas. Each of the wind farms can generate 230MW. These wind farms were constructed by Starwood Energy that began operations in late 2016. The two wind farms are powered by 100 of GE’s 2.3MW turbines.
Skyline Renewables will manage the portfolio following the completion of the deal, which is expected later this year. Financial terms about the transaction were not disclosed.
With this transaction, Skyline Renewables stated that its wind portfolio will grow up to 686MW of controlled capacity since forming the company earlier this year as a partnership between Ardian and Transatlantic Power Holdings.