NJR Clean Energy Ventures Announces 4.7 Megawatt Solar Project in Vineland, NJ
June 20 2011 - 2:08PM
Business Wire
NJR Clean Energy Ventures (NJRCEV), a subsidiary of New Jersey
Resources (NYSE: NJR), today announced that it will invest up to
$23.7 million to develop, own and operate a 4.7 megawatt,
ground-mount solar system in Vineland, NJ. Once complete, the solar
installation will provide electricity to the wholesale market
through the Vineland Municipal Electric Utility (VMEU).
“Our latest commercial solar project will incorporate the use of
a single axis tracking system,” said Laurence M. Downes, chairman
and CEO of New Jersey Resources. “This tracking system will provide
20 to 25 percent greater energy output compared to a fixed-tilt
racking system. Increasing the renewable energy generated without
changing the system footprint provides the opportunity to utilize
our properties more efficiently. We will continue to look for new
opportunities in the solar market that are consistent with our core
energy strategy to create jobs and benefit our customers, company
and state.”
NJRCEV has contracted with American Capital Energy, a
full-service solar engineering, procurement and construction
contractor, to develop the project. Additionally, NJRCEV is working
with PJM Interconnection, LLC and the VMEU to serve the wholesale
market with the power produced by the solar array.
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 sale of electricity to the wholesale market.
The solar array is expected to produce 7.2 million kWh annually,
eliminating approximately 4,953 metric tons of carbon equivalent
emissions from the atmosphere per year or the equivalent of
removing the carbon dioxide emissions produced by approximately 971
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 116 jobs
will be created as a result of this project. The system is
currently expected to be completed and in operation by September
30, 2011.
The Vineland solar installation follows NJRCEV’s announcement of
a $60 million, 14.1 megawatt system at McGraw-Hill’s East Windsor,
NJ campus. This is in addition to the nearly $36 million that has
already been committed to invest in rooftop and ground-mount solar
systems in Monmouth and Middlesex counties. Together, these systems
will have a generating capacity of 26.3 megawatts.
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 6,800 miles of natural gas
transportation and distribution infrastructure to serve nearly half
a million customers; develops and manages a diverse portfolio of
more than 1.6 Bcf/day of transportation capacity and 50 Bcf of
storage capacity; offers low carbon, clean energy solutions through
its commercial and residential solar programs, and provides
appliance installation, repair and contract service to
approximately 150,000 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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