NJR Clean Energy Ventures (CEV), a subsidiary of New Jersey Resources (NYSE:NJR), today announced its entry into the on-shore wind market with an $8.8 million investment to acquire an approximate 20 percent ownership position in OwnEnergy, Inc., a leading developer of mid-sized and community wind projects. A CEV representative will join OwnEnergy’s board, which consists of board members representing investors that include EnerTech Capital Partners and Calpers Clean Energy & Technology Fund.
“Today, we officially enter the wind energy market, which will further diversify our investments in the renewable energy marketplace,” said Laurence M. Downes, chairman and CEO of New Jersey Resources. “With our investment in OwnEnergy, we expect to maintain CEV’s contribution of 15 to 25 percent of our consolidated earnings. We believe this ownership stake represents a sound investment for our company and look forward to developing new wind projects through this partnership to make clean energy, and its benefits, more accessible.”
Launched in 2007, OwnEnergy is a pioneer in the fast-growing mid-sized and community wind energy sector. The company’s innovative business model enables its team of industry-leading professionals to provide a broad range of services to energy entrepreneurs interested in co-developing their own wind farms, rather than leasing their land to traditional developers. OwnEnergy partners with landowners, farmers, and local businesses to develop projects in the range of 10 to 80 megawatts (MW). Its “wind farm in a box” approach uses a combination of technology and standardized processes that enable OwnEnergy to develop mid-sized and community wind projects efficiently and cost effectively. The company provides everything necessary for a successful project, from development and contracting to operations and maintenance.
“This establishes NJR Clean Energy Ventures and OwnEnergy as a formidable team in the next phase of America’s energy future,” said Jacob Susman, founder and CEO of OwnEnergy. “It connects the financial profile and understanding of the energy marketplace of one of the most reputable energy companies on the East Coast to our proprietary technology and network of local energy entrepreneurs. Together, we’re going to work to create cost-effective opportunities in wind generation.”