NJR Clean Energy Ventures, the unregulated distributed power subsidiary of New Jersey Resources (NJR), today announced its fourth onshore wind project. The Ringer Hill Wind Farm is located along the Pennsylvania-Maryland border in Somerset County, Pennsylvania, approximately 60 miles southeast of Pittsburgh. NJRCEV will invest approximately $84 million to construct, own and operate the wind farm consisting of 14 GE turbines with a total capacity of 39.9 megawatts. 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, capable of producing enough energy to power 37,500 homes per year.
“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 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. These investments benefit customers, while providing growth opportunities for shareholders. To date, NJRCEV’s approach has focused on commercial and residential solar project development in New Jersey and onshore wind projects across the country.
Source: NJR Clean Energy Ventures
Date: Feb 2, 2016