New Jersey Resources (NJR) subsidiary NJR Clean Energy Ventures (CEV) has sold its 117MW US wind portfolio to a subsidiary of Skyline Renewables for $208.5m.
For the sale of its US wind portfolio, which consist four wind farms, CEV has entered into a purchase and sale agreement, and submitted a joint filing with Skyline Renewables for obtaining approval from the US Federal Energy Regulatory Commission.
Both companies expect to close the deal by the end of this year after obtaining the regulatory approvals.
CEV noted that the proceeds of the sale are expected to reduce the external financing needs.
NJR president and COO Stephen Westhoven said: “While we have divested our current wind portfolio, clean energy is an integral part of our business and we will continue to invest in clean energy projects that position NJR for long-term growth.”
With the deal, CEV has completed the sale of all its operating wind farms. It sold a 9.7MW wind farm for $18.5m earlier this year.
Nearly $700m has been invested by CEV in solar projects since 2009, with plans to invest an additional $500m in the next four years.
Currently, CEV has approximately 7,300 residential solar lease customers and 35 commercial installations, which have the capacity to generate 231MW of clean energy, which is enough to power more than 20,000 homes per year.
NJR provides retail and wholesale energy services to customers in New Jersey, across states of the US Gulf coast, and upwards to New England and Canada.