NJR Clean Energy Ventures Announces Rooftop Solar Project with Adler Development and United Solar
July 15 2010 - 2:31PM
Business Wire
NJR Clean Energy Ventures (NJRCEV), a subsidiary of New Jersey
Resources (NYSE: NJR), today announced an agreement with Adler
Development of Edison, NJ to lease space atop four, fully occupied
buildings in central New Jersey for rooftop solar systems. The $17
million project, developed with United Solar’s technical expertise,
will be capable of generating 3.9 megawatts of clean, renewable
energy and offer lower costs to tenants while helping to reduce the
facilities’ carbon footprint.
“This commercial project represents our latest effort to
identify real opportunities in the solar market,” said Laurence M.
Downes, chairman and CEO of NJR. “By maximizing underutilized space
to provide clean, renewable energy in the state, we are effectively
leveraging our expertise to help provide savings to our customers
as well as meet our state’s renewable energy goals, create jobs and
grow our company. We will continue to build on this progress and
look for new opportunities in the solar and renewable energy
markets that will benefit our customers, company and state.”
Recognizing the value of green buildings and potential energy
savings for its tenants, Adler, a New Jersey family-owned and
operated development company specializing in warehouse and flex
space, will lease over 900,000 square feet of roof space to NJRCEV
for a period of 20 years, helping reduce its facilities’ carbon
emissions by 3,200 tons per year. Tenants of the buildings will be
offered a Power Purchase Agreement from NJRCEV that is lower than
their current utility rates.
United Solar is a leading global manufacturer of UNI-SOLAR®
brand light-weight, flexible, thin-film, low-impact and low-profile
solar modules and a wholly-owned subsidiary of Energy Conversion
Devices (NASDAQ: ENER). The building specific, roof-friendly
project was developed using United Solar’s operational knowledge
and technical proficiency as well as its thin-film technology.
Investments made by NJRCEV will qualify for a 30 percent federal
investment tax credit. In addition, the energy produced will be
eligible for Solar Renewable Energy Certificates (SRECs), which can
be sold to Load Serving Entities in New Jersey to meet their
renewable energy requirements. Additional return on investment will
be provided by the Power Purchase Agreement payments from
tenants.
It is estimated that up to 65 construction jobs will be created
as a result of this project. The systems atop the four buildings
are expected to be completed and in operation in September and
October 2010.
New Jersey Resources, a Fortune 1000 company, provides reliable
and renewable energy and natural gas services including
transportation, distribution, and asset management in states from
the Gulf Coast to the New England regions, including the
Mid-Continent region, the West Coast and Canada, while investing in
and maintaining an extensive infrastructure to support future
growth. With over $2.5 billion in annual revenues, NJR safely and
reliably operates and maintains 6,700 miles of natural gas
transportation and distribution infrastructure to serve nearly half
a million customers; develops and manages a diverse portfolio of
more than 2.3 Bcf/day of transportation capacity and 50 Bcf of
storage capacity; and provides appliance installation, repair and
contract service to approximately 144,000 homes and businesses.
Additionally, NJR holds investments in midstream assets through
equity partnerships including Steckman Ridge and Iroquois. Through
Conserve to Preserve®, NJR is helping customers save energy and
money by promoting conservation and encouraging efficiency. For
more information about NJR, visit www.njliving.com.
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