Skyline Renewables buys 117 MW wind portfolio from NJR

NJR Clean Energy Ventures (CEV), a clean energy subsidiary of New Jersey Resources (NJR), today announced the sale of its remaining 117 megawatt (MW) wind portfolio, consisting of four wind farms, to a of Skyline Renewables for a total of $208.5 million, assuming a closing of December 31, 2018. 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.

Skyline Renewables has partnered with Capital One to help complete this acquisition which was the first tax equity financing fully negotiated by Skyline Renewables. 

Earlier this year, CEV sold a 9.7 MW wind farm for $18.5 million. Today’s announcement completes the sale of all its operating wind farms.

Since 2009, CEV has invested about $700 million in solar projects and plans to invest $500 million over the next four years. As a leading solar provider in New Jersey, CEV has approximately 7,300 residential solar lease customers and 35 commercial installations, capable of producing a total of 231 MW of installed capacity, or enough clean energy to power over 20,000 homes annually.