New Jersey Resources (NYSE: NJR) said in an Aug. 2 quarterly earnings report that its NJR Clean Energy Ventures (NJRCEV) unit recently completed three ground-mounted, grid-connected commercial solar projects in New Jersey.
The projects, located in Flemington, Upper Freehold and East Amwell, total 10.9 MW of capacity and approximately $26 million of investments. Currently, NJRCEV has a total generating capacity of more than 210 MW. Additionally, construction continues on two ground-mounted, grid-connected systems also in New Jersey — a $16.8 million, 7.2-MW project in Buena Vista Township and a $9.9 million, 3.7-MW project in Bernards Township.
The extension of the federal Production Tax Credit (PTC) for wind and the Investment Tax Credit (ITC) for solar passed by Congress in December 2015, are expected to help sustain long-term growth in the wind and solar markets in the United States, the company said. NJRCEV will now have additional flexibility and options to deploy capital over the next few years.
NJRCEV also expects the Ringer Hill Wind Farm to be operational during the first quarter of fiscal 2017 (October-December of this calendar year). NJRCEV is investing approximately $84 million to construct, own and operate the Somerset County, Pennsylvania, wind farm, consisting of 14 General Electric turbines, with a total capacity of 39.9 MW. The majority of the energy produced will be hedged under a 15-year agreement with Iron Mountain. When this project is complete, NJRCEV’s onshore wind capacity will total approximately 120 MW.
NJRCEV’s other wind facilities include the Alexander Wind Farm in Kansas, Carroll Area Wind Farm in Iowa and the Two Dot Wind Farm in Montana, which have a combined capacity of approximately 80 MW.
New Jersey Resources 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. With annual revenues in excess of $2.7 billion, NJR is comprised of five primary businesses, including NJR Clean Energy Ventures.