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Oct 15, 2020

NJR Clean Energy Ventures and Borough of Hopatcong Turn Brownfield into Green Energy with New 1.5 Megawatt Solar Project

HOPATCONG, N.J.--(BUSINESS WIRE)--Oct. 15, 2020-- NJR Clean Energy Ventures (NJRCEV), the clean energy subsidiary of New Jersey Resources (NYSE: NJR), and the Borough of Hopatcong, today, celebrated the completion of a new 1.5 megawatt (MW) ground-mounted solar project at the former municipal landfill. Consisting of nearly 4,000 solar panels, the fixed-tilt array is expected to provide enough clean energy to power 230 homes annually and reduce emissions by 1,435 tons, equal to removing 290 cars from the road each year.

The capped landfill has been closed for more than 30 years. NJRCEV will lease 23 acres of this underutilized space from the borough for a term of 25 years with the opportunity to extend the agreement for up to an additional 10 years. The clean power produced will be sold to PJM and further the state’s clean energy goals.

“As one of the earliest investors in New Jersey’s solar marketplace, NJR Clean Energy Ventures has a long track record of innovation and sustainability, and our Hopatcong solar project reflects that commitment,” said Steve Westhoven, president and CEO of New Jersey Resources. “By turning this brownfield into renewable, green energy, we are helping to support the state’s emission reduction goals, grow our business and lead the way to a clean energy future for New Jersey.”

Hopatcong Mayor Michael Francis said, "This is a win-win for everybody. Each year, the landfill costs the borough money in water testing and fees. We look forward to offsetting these costs and saving taxpayers money while generating clean energy for the state.”

The Hopatcong solar project was jointly developed and permitted by AC Power LLC and Citrine Power LLC after the developers signed a lease with the borough in 2018. NJRCEV acquired the project in 2019 and completed construction in September 2020. The Hopatcong solar project was approved for Transition Renewable Energy Credits (TRECs) under the New Jersey Board of Public Utilities’ T grid-connected project application process. TRECs are the credits generated by solar systems that can be sold to meet utility providers’ renewable energy requirements.

Over the past 10 years, NJRCEV has grown to become one of the largest solar investors in the state, with more than $970 million deployed across New Jersey’s 21 counties. NJRCEV now maintains more than 350 MW of installed capacity - enough to power nearly 55,000 homes and reduce 322,000 metric tons of greenhouse gas emissions annually. These investments reflect the company’s core values and support a clean energy future for New Jersey by delivering clean, safe, and reliable energy, providing customers with low carbon energy solutions and reducing emissions consistent with the state’s goals.

Learn more about NJR’s sustainability efforts at www.NJRSustainability.com

Forward-Looking Statements

Certain statements within this release are forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this release include, but are not limited to, certain statements regarding the Hopatcong solar facility.

Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the U.S. Securities and Exchange Commission (“SEC”), including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s web site, http://www.sec.gov. Information included in this release is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR’s results of operations and financial condition in connection with its preparation of management’s discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.

About New Jersey Resources

New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:

  • New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,500 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex and Burlington counties.
  • NJR Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of more than 350 megawatts, providing residential and commercial customers with low-carbon solutions.
  • NJR Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
  • NJR Midstream serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River Energy Center and the Adelphia Gateway Pipeline Project, as well as our 50 percent equity ownership in the Steckman Ridge natural gas storage facility, and our 20 percent equity interest in the PennEast Pipeline Project.
  • NJR Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

NJR and its more than 1,100 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®. For more information about NJR: www.njresources.com.

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Media:
Michael Kinney
732-938-1031
mkinney@njresources.com

Investor:
Dennis Puma
732-938-1229
dpuma@njresources.com

Source: New Jersey Resources

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