NJR Clean Energy Ventures and Borough of Hopatcong Turn Brownfield into Green Energy with New 1.5 Megawatt Solar Project
October 15 2020 - 3:37PM
Business Wire
NJR Clean Energy Ventures (NJRCEV), the clean energy subsidiary
of New Jersey Resources (NYSE: NJR), and the Borough of Hopatcong,
today, celebrated the completion of a new 1.5 megawatt (MW)
ground-mounted solar project at the former municipal landfill.
Consisting of nearly 4,000 solar panels, the fixed-tilt array is
expected to provide enough clean energy to power 230 homes annually
and reduce emissions by 1,435 tons, equal to removing 290 cars from
the road each year.
The capped landfill has been closed for more than 30 years.
NJRCEV will lease 23 acres of this underutilized space from the
borough for a term of 25 years with the opportunity to extend the
agreement for up to an additional 10 years. The clean power
produced will be sold to PJM and further the state’s clean energy
goals.
“As one of the earliest investors in New Jersey’s solar
marketplace, NJR Clean Energy Ventures has a long track record of
innovation and sustainability, and our Hopatcong solar project
reflects that commitment,” said Steve Westhoven, president and CEO
of New Jersey Resources. “By turning this brownfield into
renewable, green energy, we are helping to support the state’s
emission reduction goals, grow our business and lead the way to a
clean energy future for New Jersey.”
Hopatcong Mayor Michael Francis said, "This is a win-win for
everybody. Each year, the landfill costs the borough money in water
testing and fees. We look forward to offsetting these costs and
saving taxpayers money while generating clean energy for the
state.”
The Hopatcong solar project was jointly developed and permitted
by AC Power LLC and Citrine Power LLC after the developers signed a
lease with the borough in 2018. NJRCEV acquired the project in 2019
and completed construction in September 2020. The Hopatcong solar
project was approved for Transition Renewable Energy Credits
(TRECs) under the New Jersey Board of Public Utilities’ T
grid-connected project application process. TRECs are the credits
generated by solar systems that can be sold to meet utility
providers’ renewable energy requirements.
Over the past 10 years, NJRCEV has grown to become one of the
largest solar investors in the state, with more than $970 million
deployed across New Jersey’s 21 counties. NJRCEV now maintains more
than 350 MW of installed capacity - enough to power nearly 55,000
homes and reduce 322,000 metric tons of greenhouse gas emissions
annually. These investments reflect the company’s core values and
support a clean energy future for New Jersey by delivering clean,
safe, and reliable energy, providing customers with low carbon
energy solutions and reducing emissions consistent with the state’s
goals.
Learn more about NJR’s sustainability efforts at
www.NJRSustainability.com
Forward-Looking
Statements
Certain statements within this release are forward looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, Section 21E of the Securities Exchange Act of
1934, as amended, and 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. Words such as “anticipates,” “estimates,”
“expects,” “projects,” “may,” “will,” “intends,” “plans,”
“believes,” “should” and similar expressions may identify
forward-looking statements and such forward-looking statements are
made based upon management’s current expectations, assumptions 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,
assumptions and beliefs or that the effect of future developments
on NJR will be those anticipated by management. Forward-looking
statements in this release include, but are not limited to, certain
statements regarding the Hopatcong solar facility.
Additional information and factors that could cause actual
results to differ materially from NJR’s expectations are contained
in NJR’s filings with the U.S. 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 release is
representative as of today only and while NJR periodically
reassesses material trends and uncertainties affecting NJR’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 SEC, NJR 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.
About New Jersey
Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000
company that, through its subsidiaries, provides safe and reliable
natural gas and clean energy services, including transportation,
distribution, asset management and home services. NJR is composed
of five primary businesses:
- New Jersey Natural Gas, NJR’s principal subsidiary,
operates and maintains over 7,500 miles of natural gas
transportation and distribution infrastructure to serve over half a
million customers in New Jersey’s Monmouth, Ocean, Morris,
Middlesex and Burlington counties.
- NJR Clean Energy Ventures invests in, owns and operates
solar projects with a total capacity of more than 350 megawatts,
providing residential and commercial customers with low-carbon
solutions.
- NJR Energy Services manages a diversified portfolio of
natural gas transportation and storage assets and provides physical
natural gas services and customized energy solutions to its
customers across North America.
- NJR Midstream serves customers from local distributors
and producers to electric generators and wholesale marketers
through its ownership of Leaf River Energy Center and the Adelphia
Gateway Pipeline Project, as well as our 50 percent equity
ownership in the Steckman Ridge natural gas storage facility, and
our 20 percent equity interest in the PennEast Pipeline
Project.
- NJR Home Services provides service contracts as well as
heating, central air conditioning, water heaters, standby
generators, solar and other indoor and outdoor comfort products to
residential homes throughout New Jersey.
NJR and its more than 1,100 employees are committed to helping
customers save energy and money by promoting conservation and
encouraging efficiency through Conserve to Preserve® and
initiatives such as The SAVEGREEN Project® and The Sunlight
Advantage®. For more information about NJR:
www.njresources.com.
Follow us on Twitter @NJNaturalGas. “Like” us on
facebook.com/NewJerseyNaturalGas.
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version on businesswire.com: https://www.businesswire.com/news/home/20201015006014/en/
Media: Michael Kinney 732-938-1031
mkinney@njresources.com
Investor: Dennis Puma 732-938-1229
dpuma@njresources.com
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