CI RENEWABLES LLC AND NJR CLEAN ENERGY VENTURES FORM SOLAR DEVELOPMENT PARTNERSHIP

Rhea-AI Summary

CI Renewables LLC partners with NJR Clean Energy Ventures to develop commercial and industrial solar projects in the mid-Atlantic region, aiming to expand clean energy offerings.

Insights

Renewable Energy Analyst

The partnership between CI Renewables LLC and NJR Clean Energy Ventures (CEV) signifies a strategic move in the renewable energy sector, particularly within the mid-Atlantic region of the United States. The collaboration aims to leverage CI's expertise in developing commercial and industrial scale solar power generation assets alongside CEV's robust background in construction, operations and capital strength. This alliance is likely to enhance the competitiveness and capacity of both entities in the rapidly growing solar energy market.

From a renewable energy perspective, the partnership is poised to contribute to the expansion of solar infrastructure, which is crucial for meeting renewable portfolio standards and carbon reduction goals. The combined experience and resources could lead to increased efficiency in project execution and potentially lower costs for solar deployment. This move also aligns with broader industry trends, where consolidation and strategic partnerships are becoming more common as companies seek to capitalize on economies of scale and diversify their geographic presence within the renewable energy landscape.

Market Research Analyst

For investors and stakeholders in New Jersey Resources (NYSE: NJR), the investment in solar projects via CEV could signal a strong commitment to growth in the renewable energy sector. The partnership with CI Renewables LLC could be seen as a strategic effort to diversify and strengthen NJR's renewable energy portfolio, potentially enhancing shareholder value. The announcement mentions over $1.2 billion already invested in solar projects, with a capacity to power 70,000 homes and businesses annually, which underscores the scale and ambition of CEV's renewable energy endeavors.

Considering the market's increasing focus on sustainability and clean energy, the joint development of solar projects may position NJR favorably in the eyes of environmentally conscious investors. Furthermore, geographic diversification is a key strategy for mitigating risks associated with regional market volatility, regulatory changes and climate-related impacts on energy production. The partnership could also provide NJR with a competitive edge in the mid-Atlantic region, potentially leading to a more robust market presence and increased investor confidence.

Financial Analyst

The financial implications of this partnership for New Jersey Resources and its renewable energy subsidiary, CEV, are multifaceted. The collaboration with CI Renewables LLC can lead to a more efficient allocation of capital in developing solar projects, as shared expertise and resources might reduce project costs and timelines. This efficiency could translate into better financial returns on investment and an accelerated path to revenue generation from new solar assets.

Moreover, the move to expand in the mid-Atlantic region could be financially strategic, as diversifying across different markets can reduce the risk profile of the company’s portfolio. The long-term financial health of NJR may be bolstered by the potential for stable and predictable cash flows from renewable energy assets, which are typically underpinned by long-term power purchase agreements (PPAs) or other contractual arrangements. Investors would benefit from a thorough analysis of the projected financials for the joint projects, including capital expenditure, expected return on investment and the impact on NJR's balance sheet and income statements over time.

BALTIMORE, March 7, 2024 /PRNewswire/ -- CI Renewables LLC ("CI"), a leading independent developer and owner of large scale commercial and industrial solar power facilities, announced today that it has entered into an agreement with NJR Clean Energy Ventures (CEV), the renewable energy subsidiary of New Jersey Resources (NYSE: NJR), to jointly develop commercial and industrial solar power projects in the mid-Atlantic region of the United States.  

Since 2010, CI has specialized in developing commercial and industrial scale solar power generation assets, with expertise in engineering, construction, and operation for world class companies, institutions and governments. 

Joshua Smith, a Managing Partner of CI said, "We are delighted to partner with NJR Clean Energy Ventures to pursue the next stage in our development of large-scale solar projects. CEV brings to CI a reliable and well capitalized partner with a deep background of construction and operations of solar projects."

"CI will be a strong partner for CEV," stated Robert Pohlman, Vice President-Corporate Strategy, NJR Clean Energy Ventures and Energy Services. "Josh and his team have an exceptional track record of both developing and managing innovative solar projects through completion. CEV has worked to foster and cultivate relationships with developers, such as CI, that share a core focus of bringing the benefits of clean energy to a growing number of customers, and this engagement accelerates our geographic diversification strategy."

CEV is one of New Jersey's largest solar owner/operators. With over $1.2 billion invested in solar projects across six states, CEV maintains a portfolio of approximately 470 MW of installed capacity, or enough clean energy to power 70,000 homes and businesses annually. 

ABOUT CI RENEWABLES LLC: 
CI Renewables, headquartered in Baltimore, Maryland, develops and owns solar power projects providing commercial and governmental entities as well as educational institutions with significantly lower long-term electric costs through solar power. Founded in 2019 by certain senior management of KDC Solar LLC, CI purchased KDC Solar from Diamond Castle Holdings, a New York-based private equity fund. Through its subsidiaries, CI has successfully developed, built and operated more than 30 solar projects (totaling more than 130 megawatts) in New Jersey, Maryland, and Virginia and is currently developing more than 150 megawatts of solar projects in the Mid-Atlantic. For more information, visit www.cirenew.com.

ABOUT NEW JERSEY RESOURCES:
NJR Clean Energy Ventures (CEV) is the renewable energy subsidiary of New Jersey Resources, a Fortune 1000 company. CEV invests in, owns and operates solar projects and provides residential and commercial customers with low-carbon solutions. Since 2009, CEV has invested over $1.2 billion in solar projects and today maintains 70 commercial solar assets across six states and a portfolio of approximately 470 MWs of installed capacity.  For more information, visit www.njrcleanenergyventures.com.

MEDIA CONTACT:
CI Renewables LLC
Email: communications@cirenew.com

New Jersey Resources
Michael Kinney
Phone: (732) 684-3234
Email: mkinney@njresources.com  

View original content:https://www.prnewswire.com/news-releases/ci-renewables-llc-and-njr-clean-energy-ventures--form-solar-development-partnership-302082678.html

SOURCE CI Renewables, LLC

FAQ

What companies are involved in the partnership to develop solar projects in the mid-Atlantic region?

CI Renewables LLC and NJR Clean Energy Ventures are partnering to develop commercial and industrial solar power projects in the mid-Atlantic region.

What is the ticker symbol for NJR Clean Energy Ventures?

The ticker symbol for NJR Clean Energy Ventures is NJR.

How much clean energy capacity does CEV currently have?

CEV has a portfolio of approximately 470 MW of installed capacity, which can power 70,000 homes and businesses annually.

What is CI's specialization in the renewable energy sector?

CI specializes in developing commercial and industrial scale solar power generation assets, with expertise in engineering, construction, and operation.