New Jersey Resources sells remaining 117 megawatt wind portfolio for $208.5M
NJR Clean Energy Ventures, a clean energy subsidiary of New Jersey Resources announced the sale of its remaining 117 megawatt wind portfolio, consisting of four wind farms, to a subsidiary of Skyline Renewables for a total of $208.M, assuming a closing of December 31. CEV entered into a purchase and sale agreement and submitted a joint filing with Skyline for authorization with the Federal Energy Regulatory Commission, FERC. Once approved by FERC, the transaction is expected to close. The proceeds from the sale will reduce external financing needs, which is factored into NJR's current fiscal 2019 financing guidance. Earlier this year, CEV sold a 9.7 MW wind farm for $18.5M. Today's announcement completes the sale of all its operating wind farms. "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," said Stephen D. Westhoven, President and COO of New Jersey Resources.