Jun 28 2014
NJR Clean Energy Ventures (NJRCEV), the unregulated clean energy subsidiary of New Jersey Resources, is pleased to announce the completion of the Two Dot Wind Farm, its first onshore wind project.
Located on 176 acres in Two Dot, Montana, the wind farm consists of six, GE 1.62 megawatt, 87-meter rotor diameter wind turbines with a capacity of 9.7 megawatts. NJRCEV invested approximately $22 million to develop the project and will own and operate the wind farm.
The energy produced at the Two Dot Wind Farm, as well as the renewable attributes, will be sold through a 25-year power purchase agreement (PPA) with NorthWestern Energy, a natural gas and electricity investor-owned utility that serves over 678,200 customers in Montana, South Dakota and Nebraska. Additionally, NJRCEV expects the wind farm will qualify for federal production tax credits (PTC), which are based on kilowatt-hour output. All PTCs generated by the Two Dot Wind Farm will be utilized by NJR.
“Today represents a significant milestone for our company -- the completion of our first onshore wind project,” said Laurence M. Downes, chairman and CEO of New Jersey Resources. “Two Dot further demonstrates NJR Clean Energy Ventures’ diversification of its investment portfolio. In addition to producing enough clean energy to power 3,000 homes annually, it also represents a long-term growth opportunity for our company and shareowners.”
NJRCEV invests in, owns and operates clean energy projects that generate clean power and provide low-carbon energy solutions. These solutions benefit its customers, while providing growth opportunity for shareholders. NJRCEV’s approach has primarily focused on commercial and residential solar project development in New Jersey. As a part of its clean energy strategy, NJRCEV is effectively diversifying its holdings to include small to mid-sized onshore wind projects, supported by long-term PPAs, as well as other energy investments such as combined heat and power projects.