NJR Clean Energy Ventures (CEV), part of New Jersey Resources, has sold its 91-megawatt residential solar portfolio to Spruce Power Holding Corporation for $132.5 million. The transaction is expected to generate a profit for NJR in fiscal 2025. The company plans to use the proceeds to reduce corporate debt and support general business operations.
Steve Westhoven, President and CEO of New Jersey Resources, said in a statement, “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. 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.”
“The Sunlight Advantage®”, CEV’s residential solar program, offers homeowners the chance to have solar systems installed without any installation or maintenance costs. As part of the sale, Spruce Power Holding Corporation will take over the lease agreements for around 9,800 participating homeowners. Since 2009, CEV has invested more than $1.2 billion in solar projects, making it New Jersey’s largest owner and operator of commercial solar systems. The company has also expanded beyond New Jersey, with assets now located in New York, Connecticut, Rhode Island, Indiana, and Michigan.
