A developer of mid-sized and community wind projects has been joined by an investor that gives it access to its balance sheet and greater participation in the tax equity market.
Brooklyn, N.Y-based OwnEnergy, Inc. said that NJR Clean Energy Ventures (CEV), a subsidiary of New Jersey Resources (NYSE: NJR), has joined its ranks of investors.
“We believe this ownership stake represents a sound investment for our company and look forward to developing new wind projects through this partnership to make clean energy, and its benefits, more accessible,” said Laurence Downes, chairman and CEO of New Jersey Resources.
Launched in 2007, OwnEnergy is part of the mid-sized and community wind energy sector, which allows landowners to co-develop their own wind farms, rather than leasing their land to traditional developers. OwnEnergy partners with landowners, farmers, and local businesses to develop projects in the range of 10 to 80 MW.
“This establishes NJR Clean Energy Ventures and OwnEnergy as a formidable team in the next phase of America’s energy future,” said Jacob Susman, founder and CEO of OwnEnergy. “It connects the balance sheet and tax capacity of one of the most reputable energy companies on the East Coast to our proprietary technology and network of local energy entrepreneurs.”
These “community size” projects fit the size profile for CEV investments. OwnEnergy has developed and sold three projects, totaling 141 MW of power and has a pipeline of more than 1,300 MW in various stages of development. The company is seeking to expand its pipeline of mid-sized projects.
New Jersey Resources, a Fortune 1000 company, provides natural gas and renewable energy 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.
A CEV representative will join OwnEnergy’s board, which consists of board members representing investors that include EnerTech Capital Partners and Calpers Clean Energy & Technology Fund.