EDF Renewables and Goldman Sachs Asset Management Announce Commercial Operation of Toms River Solar Project

Rhea-AI Summary

EDF Renewables North America and Goldman Sachs Asset Management have announced the commercial operation of the Toms River Solar Project, providing 28.9 MW of renewable energy in New Jersey. Built on a Superfund site, it is the largest solar project in the state, capable of powering 5,250 homes and avoiding over 30,000 metric tons of CO₂ emissions yearly. Additionally, a 5 MW Community Solar project is pending approval. The project enhances local ecology while generating clean energy.

Positive

• Toms River Solar Project delivers 28.9 MW of clean energy.
• Largest solar project in New Jersey and on a Superfund site.
• Project can power 5,250 homes, avoiding over 30,000 metric tons of CO2 emissions annually.
• Community Solar project planned to provide lower-cost electricity to low- and moderate-income residents.

Negative

• None.

EDF Renewables North America (EDFR) and the Renewable Power business within Goldman Sachs Asset Management (Goldman Sachs) today announced the commercial operation of the Toms River Solar Project, delivering 28.9 megawatts (MW) of clean renewable energy. The project, built on BASF Corporation’s (BASF) property by EDFR in coordination with PVOne and Goldman Sachs, is New Jersey’s largest solar project and the largest solar project built on a Superfund site in the U.S.

The solar array uses a pre-cast ballasted system on approximately 120 acres of the BASF site located on Oak Ridge Parkway in Toms River, NJ, and includes a 27.4 MW grid-connected system and an adjacent 1.5 MW net-metered solar system.

Additionally, EDFR has designed a 5 MW Community Solar project, also to be built on the BASF site, which will provide lower-cost electricity to area residents, with more than half of its output committed to low- and moderate-income subscribers. The Community Solar project is still in the approval process.

The overall project will generate enough clean energy to meet the needs of 5,250 New Jersey homes. This is equivalent to avoiding more than 30,000 metric tons of CO₂ emissions annually, which equates to the greenhouse gas emissions associated with driving 6,400 cars for one year.

“We are very excited about the Toms River Solar Project, which successfully reuses brownfield land to develop clean, renewable energy,” said Mark Patterson, Vice President of Environment, Health and Safety at BASF. “This sustainable project highlights BASF’s connections to our communities and the environment by supporting an overall reduction of CO₂ emissions while also expanding the site’s native grassland habitat for pollinators and migratory birds.”

The solar array was built with rigorous attention to the environment, with specific considerations made to improve the threatened Grasshopper Sparrow habitat and protect the Northern Pine Snake. Existing paved areas in the footprint of the project were removed and will be replaced with native meadow mix grasses and wildflowers. Additionally, Rutgers University will conduct a 5-year monitoring program to study the ecological uplift of the project.

Nearly one hundred union workers from Laborers Union Local 172, Iron Workers Local 399, Operators Local 825, and Electrical Local 400 participated in the project’s construction.

“We were pleased to work with a full set of project partners including local subcontractors, local and state officials, community groups, the New Jersey Board of Public Utilities, and professionals at Weston Solutions and Giordano, Halloran, and Ciesla,” said Tom Leyden, Senior Director, EDF Renewables Distributed Solutions.

EDFR co-developed the project with PVOne and served as the Engineering, Procurement and Construction contractor for the project. Goldman Sachs acquired the project from EDFR during the construction phase and plans to manage the asset through its useful life.

“This project is a great example of collaboration between private and public sectors, including the New Jersey Board of Public Utilities, NJ Department of Environmental Protection, and the U.S. Environmental Protection Agency, along with BASF, Goldman Sachs, and EDFR,” said Elliott Shanley, Senior Vice President of PVOne.

Michael Conti, a Vice President within the Renewable Power business at Goldman Sachs Asset Management commented, “Goldman Sachs is deeply committed to accelerating the energy transition. As one of the largest owners of solar power in New Jersey, we are grateful that the State continues to support the development of clean energy, particularly on brownfields, such as this project located on the Toms River Superfund site. It has been a pleasure to work with the EDFR team to make this project, the largest operating solar project in New Jersey, a success. We look forward to future collaboration between our organizations as well as a great future relationship with BASF.”

EDF Renewables North America is a market leading independent power producer and service provider with 35 years of expertise in renewable energy. The Company delivers grid-scale power: wind (onshore and offshore), solar photovoltaic, and storage projects; distributed solutions: solar and storage; and asset optimization: technical, operational, and commercial expertise to maximize performance of generating projects. The Company’s PowerFlex subsidiary offers a full suite of onsite energy solutions for commercial and industrial customers: solar, storage, EV charging, energy management systems, and microgrids. EDF Renewables’ North American portfolio consists of 20 GW of developed projects and 13 GW under service contracts. EDF Renewables North America is a subsidiary of EDF Renouvelables, the dedicated renewable energy affiliate of the EDF Group. For more information visit: www.edf-re.com. Connect with us on LinkedIn, Facebook and Twitter.

About BASF

BASF Corporation, headquartered in Florham Park, New Jersey, is the North American affiliate of BASF SE, Ludwigshafen, Germany. BASF has approximately 17,000 employees in North America and had sales of $18.7 billion in 2020. For more information about BASF’s North American operations, visit www.basf.com/us. At BASF, we create chemistry for a sustainable future. We combine economic success with environmental protection and social responsibility. More than 110,000 employees in the BASF Group contribute to the success of our customers in nearly all sectors and almost every country in the world. Our portfolio is organized into six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care and Agricultural Solutions. BASF generated sales of €59 billion in 2020. BASF shares are traded on the stock exchange in Frankfurt (BAS) and as American Depositary Receipts (BASFY) in the U.S. Further information at http://www.basf.com

About Goldman Sachs Asset Management Renewable Power

Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of March 31, 2021. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Established in 2017, the Renewable Power business within Goldman Sachs Asset Management has sponsored more than 800 solar projects across 27 U.S. states that collectively have a capacity of more than 2.3 gigawatts of clean, renewable power. We take a long-term ownership approach to the operations and management of renewable assets with a leading industry expertise across transaction sourcing, financial analysis, power markets and physical asset analysis and operations. Follow us on LinkedIn.

About PVOne

PVOne is solar power project development company engaged in the development of grid-scale solar, commercial net-meter solar, and community solar projects throughout the US. We specialize in the critical, early-stage solar development processes that ultimately lay the foundation for the success of each solar project – from site acquisition and system design to interconnection agreements and government approvals. Further information at www.pvone.com.

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FAQ

What is the Toms River Solar Project and its capacity?

The Toms River Solar Project is a solar energy facility that delivers 28.9 MW of clean renewable energy, making it the largest solar project in New Jersey.

How does the Toms River Solar Project impact the environment?

The project avoids over 30,000 metric tons of CO2 emissions annually, enhancing local ecology and supporting threatened species.

What is the timeline for the Community Solar project associated with the Toms River Project?

The 5 MW Community Solar project is currently in the approval process and aims to provide lower-cost electricity to local underserved residents.

Which companies are involved in the Toms River Solar Project?

The project involves EDF Renewables North America, Goldman Sachs Asset Management, BASF Corporation, and PVOne.

What is the expected benefit for local residents from the Toms River Solar Project?

The project will provide access to clean energy and lower-cost electricity, especially benefiting low- and moderate-income households.