WALL, N.J.--(BUSINESS WIRE)--NJR Clean Energy Ventures (NJRCEV), a subsidiary of New Jersey Resources (NYSE: NJR), today announced an agreement with the Village at Manalapan Solar LLC to lease 13 acres of land in Manalapan, New Jersey, for a state-of-the-art, ground-mounted solar system. The 3.6 megawatt, $18 million, project will be capable of generating enough electricity to power 450 homes annually. Once installed, the power generated by the system will be used to serve the wholesale electric market.
“The investment of a solar system at the Village at Manalapan site is an investment in New Jersey’s economic development, environment and energy future,” said Laurence M. Downes, chairman and CEO of New Jersey Resources. “As the latest commercial project in our solar pipeline to come to fruition, this installation represents our first ground-mounted system and reflects our role as a leader in the energy marketplace. We will continue to look for new opportunities in the solar market that are consistent with our core energy strategy and benefit our customers, company and state.”
NJRCEV will lease the site for a period of 21 years from Village At Manalapan Solar LLC, an affiliate of Spano Partners Holdings (SPH) (www.spanopartners.com). James Spano, managing partner of SPH, stated “Spano Partners is proud to have been able to use its broad expertise in navigating both the electrical industry’s regulatory path as well the local, county, and state land use approval processes to partner with NJRCEV in taking this underutilized land and making it an economically and environmentally productive site. We are delighted to join NJRCEV in stimulating New Jersey’s economic growth to produce jobs while enhancing its citizens’ quality of life with clean, renewable energy here at Village at Manalapan and our other sites under development in the state.”
NJR expects that investments made by NJRCEV will qualify for a 30 percent federal investment tax credit. In addition, the energy produced will be eligible for Solar Renewable Energy Certificates (SRECs), which can be sold to Load Serving Entities in New Jersey to meet their renewable energy requirements. Additional return on investment will be provided by the sale of electricity to the wholesale market.
According to a study by Rutgers University Bloustein School of Planning and Public Policy on the “Economic Impacts of Energy Infrastructure Investments," it is estimated that up to 74 jobs will be created as a result of this project. The system is expected to be completed and in service by Fall 2011.
The solar installation at Manalapan Village is the first ground-mounted project announced by NJRCEV.