NJR Clean Energy Ventures Announces Sale of Residential Solar Business
Summary
WALL, N.J.--(BUSINESS WIRE)--NJR Clean Energy Ventures (CEV), a clean energy subsidiary of New Jersey Resources (NYSE: NJR), today announced the sale of its 91 megawatt (MW) residential solar portfolio, to Spruce Power Holding Corporation (NYSE: SPRU) for a total of $132.5 million. 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. NJR is composed of five primary businesses: • 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 and Burlington counties. • Clean Energy Ventures invests in, owns and operates solar projects, providing customers with low-carbon solutions.