NJR Clean Energy Ventures Announces Sale of Residential Solar Business
NJR Clean Energy Ventures (CEV) has sold its 91 megawatt residential solar portfolio to Spruce Power Holding for $132.5 million. The transaction includes approximately 9,800 residential solar systems operated under 'The Sunlight Advantage®' program. Spruce will assume all existing lease agreements with homeowners. NJR plans to use the proceeds to reduce corporate debt and for working capital. Following the sale, CEV will focus on expanding its commercial solar portfolio, supported by a nearly 1 GW pipeline of investment opportunities. Since 2009, CEV has invested over $1.2 billion in solar projects and has become New Jersey's largest commercial solar owner-operator, with assets across multiple states.
NJR Clean Energy Ventures (CEV) ha venduto il suo portafoglio solare residenziale da 91 megawatt a Spruce Power Holding per 132,5 milioni di dollari. La transazione comprende circa 9.800 sistemi solari residenziali gestiti sotto il programma 'The Sunlight Advantage®'. Spruce assumerà tutti i contratti di locazione esistenti con i proprietari di case. NJR prevede di utilizzare i proventi per ridurre il debito aziendale e per il capitale circolante. Dopo la vendita, CEV si concentrerà sull'espansione del proprio portafoglio solare commerciale, supportato da un pipeline di opportunità di investimento di quasi 1 GW. Dal 2009, CEV ha investito oltre 1,2 miliardi di dollari in progetti solari ed è diventato il più grande operatore di solari commerciali del New Jersey, con asset in diversi stati.
NJR Clean Energy Ventures (CEV) ha vendido su cartera de energía solar residencial de 91 megavatios a Spruce Power Holding por 132,5 millones de dólares. La transacción incluye aproximadamente 9.800 sistemas solares residenciales operados bajo el programa 'The Sunlight Advantage®'. Spruce asumirá todos los contratos de arrendamiento existentes con los propietarios de viviendas. NJR planea utilizar los ingresos para reducir la deuda corporativa y para capital de trabajo. Después de la venta, CEV se enfocará en expandir su cartera solar comercial, respaldada por un pipeline de oportunidades de inversión de casi 1 GW. Desde 2009, CEV ha invertido más de 1.200 millones de dólares en proyectos solares y se ha convertido en el mayor propietario-operador solar comercial de Nueva Jersey, con activos en varios estados.
NJR 청정 에너지 벤처스 (CEV)가 Spruce Power Holding에 91 메가와트 주거용 태양광 포트폴리오를 1억 3,250만 달러에 판매했습니다. 이 거래에는 'The Sunlight Advantage®' 프로그램에 따라 운영되는 약 9,800개의 주거용 태양광 시스템이 포함됩니다. Spruce는 주택 소유자와의 기존 임대 계약을 모두 인수합니다. NJR은 자금을 사용하여 기업 부채를 줄이고 운영 자본으로 활용할 계획입니다. 판매 이후 CEV는 거의 1GW의 투자 기회를 지원받아 상업용 태양광 포트폴리오 확장에 집중할 것입니다. 2009년부터 CEV는 태양광 프로젝트에 12억 달러 이상을 투자해 왔으며, 뉴저지의 가장 큰 상업용 태양광 운영자가 되어 여러 주에 자산을 보유하고 있습니다.
NJR Clean Energy Ventures (CEV) a vendu son portefeuille résidentiel de 91 mégawatts à Spruce Power Holding pour 132,5 millions de dollars. La transaction comprend environ 9 800 systèmes solaires résidentiels opérés sous le programme 'The Sunlight Advantage®'. Spruce assumera tous les contrats de location existants avec les propriétaires de maison. NJR prévoit d'utiliser les recettes pour réduire la dette de l'entreprise et pour le fonds de roulement. Après la vente, CEV se concentrera sur l'expansion de son portefeuille solaire commercial, soutenu par un pipeline d'opportunités d'investissement de près de 1 GW. Depuis 2009, CEV a investi plus de 1,2 milliard de dollars dans des projets solaires et est devenu le plus grand propriétaire-exploitant de solaire commercial du New Jersey, avec des actifs répartis dans plusieurs États.
NJR Clean Energy Ventures (CEV) hat sein 91 Megawatt umfassendes Wohnsolarpanel-Portfolio für 132,5 Millionen US-Dollar an Spruce Power Holding verkauft. Die Transaktion umfasst etwa 9.800 Wohnsolarsysteme, die unter dem Programm 'The Sunlight Advantage®' betrieben werden. Spruce wird alle bestehenden Mietverträge mit den Hausbesitzern übernehmen. NJR plant, die Erlöse zur Reduzierung der Unternehmensschulden und für Betriebskapital zu verwenden. Nach dem Verkauf wird sich CEV auf die Expansion seines kommerziellen Solarportfolios konzentrieren, unterstützt von einer Pipeline von Investitionsmöglichkeiten von fast 1 GW. Seit 2009 hat CEV über 1,2 Milliarden US-Dollar in Solarprojekte investiert und ist der größte kommerzielle Solarbetreiber in New Jersey mit Vermögenswerten in mehreren Bundesstaaten geworden.
- Sale of residential solar portfolio for $132.5 million
- Expected gain on sale in fiscal 2025
- Debt reduction through sale proceeds
- Strong 1 GW pipeline of commercial solar investment opportunities
- Portfolio of $1.2 billion in solar investments
- Divestment of residential solar business segment
- Loss of recurring revenue from 9,800 residential solar customers
Insights
The
- Debt reduction will improve financial flexibility and potentially lower interest expenses
- The transaction allows CEV to concentrate on its more profitable commercial solar operations
- The nearly 1 GW pipeline suggests significant growth potential in the commercial sector
This strategic divestment aligns with broader industry trends where utilities are optimizing their renewable portfolios. The sale of 91 MW residential solar assets to Spruce Power demonstrates the growing maturity and liquidity of the secondary market for solar assets. The decision to focus on commercial solar is particularly astute, as this segment typically offers:
- Higher margins and economies of scale
- More predictable revenue streams
- Lower customer acquisition costs
NJR expects to record a gain on sale in fiscal 2025, and will use the proceeds to pay down corporate debt and for general working capital purposes.
“Renewable energy investments are an integral part of our business and will continue to be a key driver of NJR’s long-term growth strategy,” said Steve Westhoven, President and CEO of New Jersey Resources. “Following this transaction, Clean Energy Ventures will have a sharpened focus on the strong opportunities for growth within its commercial solar portfolio, driven by a nearly 1 gigawatt (GW) pipeline of diverse investment options.”
CEV’s residential solar program, which operated under the brand of “The Sunlight Advantage®,” provides qualifying homeowners with the opportunity to have a solar system installed at their home with no installation or maintenance expenses. The existing lease agreements will be assumed by Spruce in full for the approximately 9,800 participating homeowners.
Since 2009, CEV has invested over
About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:
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New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains natural gas transportation and distribution infrastructure to serve customers in New Jersey’s
Monmouth ,Ocean ,Morris ,Middlesex ,Sussex andBurlington counties. - Clean Energy Ventures invests in, owns and operates solar projects, providing customers with low-carbon solutions.
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Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across
North America . -
Storage and Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River Storage and the Adelphia Gateway Pipeline, as well as its
50% equity ownership in the Steckman Ridge natural gas storage facility. -
Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homeowners throughout
New Jersey .
NJR and its over 1,300 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as SAVEGREEN®.
For more information about NJR: www.njresources.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20241124648889/en/
Media:
Mike Kinney
732-938-1031
mkinney@njresources.com
Investor:
Adam Prior
732-938-1145
aprior@njresources.com
Source: New Jersey Resources
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