NJR Clean Energy Ventures on Feb. 2 announced its fourth onshore wind project, which will be the Ringer Hill Wind Farm located along the Pennsylvania-Maryland border in Somerset County, Pennsylvania, approximately 60 miles southeast of Pittsburgh.
NJR Clean Energy Ventures (NJRCEV) will invest about $84 million to construct, own and operate the wind farm consisting of 14 General Electric turbines with a total capacity of 39.9 MW. NJRCEV expects this wind farm to be operational during the first quarter of fiscal 2017. When this project is complete, NJRCEV’s onshore wind portfolio will total more than 120 MW.
“Wind is an increasingly important segment of our nation’s energy mix and we are pleased to do our part to bring renewable energy to the marketplace,” said Laurence M. Downes, chairman and CEO of NJRCEV parent New Jersey Resources. “Our investment in Ringer Hill further diversifies our distributed power portfolio, represents the continuation of our Company’s long-term growth strategy and provides value to our shareowners.”
The majority of the energy produced will be hedged under a 15-year agreement with an industrial counterparty. Additionally, NJRCEV expects the wind farm will qualify for federal production tax credits (PTCs), which are based on kilowatt-hour output. All PTCs generated by the Ringer Hill Wind Farm will be used by NJR.
NJRCEV’s other onshore wind projects include:
- the Alexander Wind Farm in Rush County, Kansas, which began operating in December 2015;
- the Carroll Area Wind Farm, located in Iowa, which came online in February 2015; and
- the Montana-based Two Dot Wind Farm, which has been in service since June 2014.
NJRCEV invests in, owns and operates distributed power projects that generate clean energy and provide low-carbon energy solutions. To date, NJRCEV’s approach has focused on commercial and residential solar project development in New Jersey and onshore wind projects across the country.
Its parent, New Jersey Resources (NYSE: NJR), is a Fortune 1000 company that provides safe and reliable natural gas and clean energy services, including transportation, distribution and asset management. With annual revenues in excess of $3 billion, NJR is comprised of five primary businesses, including New Jersey Natural Gas and NJR Energy Services.