NJR sheds remaining wind assets in USD-208.5m deal

The clean energy arm of New Jersey Resources (NYSE:NJR) said on Wednesday it is to sell its remaining 117-MW wind portfolio for a total of USD 208.5 million (EUR 182.8m).

More specifically, NJR Clean Energy Ventures (CEV) has agreed to sell four wind parks to a unit of Skyline Renewables. The transaction is seen to close on December 31, 2018, subject to approval by the Federal Energy Regulatory Commission (FERC).

Earlier this year, CEV sold its 9.7-MW Two Dot wind farm in Montana to NorthWestern Energy for USD 18.5 million. With the pending sale of the other four, the company is shedding its entire operating wind fleet.

“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,” said Stephen Westhoven, president and COO of New Jersey Resources.

Since 2009, CEV has invested about USD 700 million in solar projects, and plans to invest another USD 500 million in the next four years. It will use the proceeds from the latest transaction to reduce external financing needs, it said.

(USD 1.0 = EUR 0.88)

Choose your newsletter by Renewables Now. Join for free!