NEW YORK and WALL, N.J., June 13,
2011 /PRNewswire/ -- The McGraw-Hill Companies (NYSE: MHP)
and NJR Clean Energy Ventures (NJRCEV), a subsidiary of New Jersey
Resources (NYSE: NJR), today announced plans to build on
McGraw-Hill's East Windsor, N.J.,
campus the largest privately-owned, net-metered solar project in
the Western Hemisphere. The 14.1 megawatt solar system will
significantly offset the need for other energy sources to run
McGraw-Hill's offices in East
Windsor, including the Corporation's growing data center.
The clean, renewable energy produced by the project is
expected to reduce the equivalent of about 10 percent of
McGraw-Hill's annual global carbon emissions and significantly
lower the company's long-term electricity costs.
"Our plan to use solar power underscores our commitment to
green, sustainable business practices," said Harold McGraw III, Chairman, President and Chief
Executive Officer of The McGraw-Hill Companies. "We are excited by
the environmental benefits of using solar energy while helping us
control costs, and we're thrilled to once again have a fantastic
partner in the East Windsor
community, which has served as a focal point of our operations for
nearly five decades."
"To bring the largest privately-owned, net-metered solar system
in the Western Hemisphere to New
Jersey is an exciting opportunity," said Laurence M. Downes, chairman and CEO of New
Jersey Resources. "Together with McGraw-Hill, we are making
renewable energy, and the benefits it provides, a greater piece of
our energy future. As a leader in the energy marketplace, NJRCEV
will continue to look for new solar opportunities that are
consistent with our core energy strategy and benefit our customers,
company and state."
The solar array is expected to produce 18 million kWh annually,
eliminating approximately 12,687 metric tons of carbon equivalent
emissions from the atmosphere per year or the equivalent of
removing the carbon dioxide emissions produced by approximately
2,488 cars. According to a study by Rutgers University Bloustein School of Planning and
Public Policy on the "Economic Impacts of Energy Infrastructure
Investments," it is estimated that up to 294 jobs will be created
as a result of this project.
Mayor Janice Mironov stated,
"East Windsor is excited about
McGraw-Hill's major initiative and the tremendous financial
investment it represents in our township. The project will
generate jobs, help green our environment and enhance the
competitive attraction of East
Windsor as a home for much of McGraw-Hill's prestigious
operations. We value the company and this is a great signal
of McGraw-Hill's commitment to remain, invest and grow in
East Windsor."
NJRCEV will invest $60 million to
develop and install the state-of-the-art, ground mount solar array
on a 50-acre parcel on McGraw-Hill's property adjacent to the
Corporation's two office buildings, including the Corporation's
180,000 square foot data center. The system will be installed by
Advanced Solar Products of Flemington,
NJ with assistance from MVM Advisors LLC of New York, NY. Advanced Solar Products'
ballasted racking system, manufactured in New Jersey, requires no ground penetrations
making it more environmentally-friendly and McGraw-Hill intends to
plant approximately 25 acres of trees to surround the solar panels.
In total, McGraw-Hill currently operates approximately 900,000
square feet of building space on the site.
The data center, which opened in 2008, is the central hub of the
Corporation's global computing needs and is using increasing
amounts of electricity to deliver more of McGraw-Hill's digital
products around the world, including Standard & Poor's
RatingsDirect; Connect, McGraw-Hill's popular teaching and learning
platform for higher education; and Platts' price assessments for
liquefied natural gas.
NJR expects that 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.
The system is expected to be completed in two phases, with 50
percent of the capacity expected operational in December 2011, and the remaining 50 percent in
March 2012.
As a result of McGraw-Hill's recent business practices, the
Corporation has been listed on the 2010 Dow Jones Sustainability
Indexes, the FTSE4Good Index Series, and Newsweek's Green
Rankings.
The solar installation at McGraw-Hill is the latest commercial
project announced by NJRCEV. The company has already announced an
investment of nearly $36 million in
rooftop and ground mount solar systems in Monmouth and Middlesex counties with a capacity of 7.5
megawatts.
About The McGraw-Hill Companies:
Founded in 1888, The McGraw-Hill Companies is a leading global
financial information and education company that helps
professionals and students succeed in the Knowledge Economy.
With leading brands including Standard & Poor's,
McGraw-Hill Education, Platts energy information services and J.D.
Power and Associates, the Corporation has approximately 21,000
employees with more than 280 offices in 40 countries. Sales
in 2010 were $6.2 billion.
Additional information is available at
http://www.mcgraw-hill.com.
McGraw-Hill Investor Relations:
http://www.mcgraw-hill.com/investor_relations
Get news direct from McGraw-Hill via RSS:
http://investor.mcgraw-hill.com/phoenix.zhtml?c=96562&p=newsRSS
About New Jersey Resources:
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; offers low carbon solutions of clean energy
through its commercial and residential solar programs, 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.
Forward-Looking Statements
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. Certain statements contained in this presentation are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. "Words such as
"anticipates," "estimates," "expects," "projects," "intends,"
"plans," "believes," "may," "should," "will" 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 release includes, but is not
limited to, certain statements regarding the solar project to be
located at East Windsor,
NJ.
NJR cautions persons reading this press release that the
assumptions that form the basis for forward-looking statements
contained herein 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.
The factors that could cause actual results to differ materially
from NJR's expectations include, but are not limited to, risks
associated with NJR's investments in solar energy projects,
including the availability of regulatory and tax incentives,
logistical risks and potential delays related to construction,
permitting, regulatory approvals and electric grid interconnection,
the availability of viable projects and NJR's eligibility for
federal investment tax credits (ITCs) and the future market for
Solar Renewable Energy Credits (SRECs) that are traded in a
competitive marketplace in the state of New Jersey. Additional information and other
factors are contained in NJR's filings with the Securities and
Exchange Commission (SEC), including NJR's Annual Reports on Form
10-K and subsequent Quarterly Reports on Form 10-Q, recent Current
Reports on Form 8-K, and other SEC filings, which are available at
the SEC's web site, http:.//www.sec.gov. Information included
in this press release is representative as of today only and while
the Company periodically reassesses material trends and
uncertainties affecting the Company's results of operations and
financial condition in connection with its preparation of
management's discussion and analysis of results of operations and
financial condition contained in its Quarterly and Annual Reports
filed with the Securities and Exchange Commission, the Company does
not, by including this statement, assume any obligation to review
or revise any particular forward-looking statement referenced
herein in light of future events.
Contact for
McGraw-Hill:
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Contacts for New Jersey
Resources:
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Jason Feuchtwanger
212-512-3151
jason_feuchtwanger@mcgraw-hill.com
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Media Contact:
Michael Kinney
732-938-1031
mkinney@njresources.com
Investor Contact:
Dennis Puma
732-938-1229
dpuma@njresources.com
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SOURCE The McGraw-Hill Companies; New Jersey Resources