NJR Clean Energy Ventures (CEV), the non-regulated clean energy subsidiary of New Jersey Resources, announced the sale of its 9.7-MW wind farm in Two Dot, Montana to NorthWestern Energy (NWE) for $18.5 million.
CEV entered into a purchase and sale agreement with the natural gas and electricity investor-owned utility, and submitted a joint filing for authorization with the Federal Energy Regulatory Commission (FERC). Once approved by FERC, the transaction is expected to close.
Located approximately 93 miles east of the state capital of Helena, the Two Dot wind farm was completed and became operational in 2014. It consists of six, GE 1.62 MW wind turbines, and the energy produced is currently sold to NWE. CEV also owns and operates wind projects in Carroll County, Iowa, Rush County, Kansas, Carbon County, Wyoming and Somerset County, Pennsylvania with a total installed capacity of 117 MW.
“NJR Clean Energy Ventures’ wind assets, with established long-term power purchase agreements, are highly valued by the marketplace,” said Stephen Westhoven, chief operating officer of New Jersey Resources. “The sale of Two Dot reflects the growing demand for clean energy projects, and we are taking a strategic review of our remaining wind assets.”
Since 2009, CEV has invested approximately $241 million in onshore wind and nearly $590 million in solar projects, and plans to invest $500 million over the next four years. As a leading solar provider in New Jersey, CEV has more than 6,500 residential solar lease customers and 32 commercial installations, capable of producing a total of 190 MW of installed capacity, or enough clean energy to power nearly 20,000 homes annually.
“Clean energy is, and will continue to be, an important part of our business,” Westhoven stated. “We will continue to make prudent investments to position our company for long-term growth.”
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