New Jersey Resources to issue US$150m green bond for 50MW of solar

NJR already owns 272MW of residential and commercial PV projects. Source: Activ Solar/Flickr

Energy provider New Jersey Resources (NJR) is selling US$150 million of green bonds to finance six commercial solar plants with a combined capacity of 50MW.

This is NJR’s first foray into green bonds. The proceeds will be spent in the next four months on six solar projects, as well as other clean energy projects.

The move comes the same day as the company reports a consolidated loss of US$8.4 million in the third quarter of 2018, a significant improvement from the US$14.3 million it lost in the third quarter of 2018.

The company has made US$151.4 million in 2019 so far, or nearly US$100 million less than in the same period in 2018 (US$249.7 million).

The US$24.8 million that the company's renewables arm Clean Energy Ventures made in the first three-quarters of 2019 pales next to the US$80.5 million it made during the same timeframe in 2018, due in part to a US$63.8 million tax benefit granted last year.

In a statement about the company's Q3 results, Steve Westhoven, president and COO of New Jersey Resources said: “While we expect our results this year will be toward the low-end of our guidance range, we believe our portfolio of infrastructure investments positions us well for the future.”

In a separate news release about the green bonds, Westhoven said “commitment to sustainability is a cornerstone of our company. These bonds support that commitment and are consistent with our investment strategy.” The bonds will have a fixed rate of 3.29% and will mature in 10 years. One-third of the bonds were issued in mid-June and the remainder will issue on August 15.

NJR already owns 272MW of residential and commercial PV projects.

New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains nearly 7,500 miles of natural gas transportation and distribution infrastructure.

15 September 2022
Bifacial PV modules will be the dominant solar PV technology globally within one or two years; in the utility-scale sector, their market share is already above 70%. This webinar will provide a clear view on the successful implementation of bifacial technology, maximizing system performance and minimising LCoE.
4 October 2022
Solar & Storage Finance USA, the only event that connects developers to capital and capital to solar and storage projects, will be back in November 2022.

Read Next

August 10, 2022
US solar tracker manufacturer FTC Solar has cut its net losses compared with last quarter and Q2 2021 but has seen its revenue collapse, blaming a hostile solar environment in the US that has seen project delays and cancellations, which it said it now hoped was coming to an end.
August 9, 2022
The passing of the Inflation Reduction Act (IRA) could bolster opportunities for Clearway Energies, according to Roth Capital Partners.
August 8, 2022
Energy technology company AES Corporation is still on track to reach its target of 4.5-5.5GW in long-term renewables and energy storage contracts in 2022, having already signed 1,618MW in the year to date, according the firm’s Q2 financial report.
August 4, 2022
Following strong demand in the US market for residential solar, US solar installer Sunrun increased its customer additions by more than in Q1 and posted better-than-expected financial results, while still making a loss.
August 4, 2022
Daqo recorded its best production volume and profits quarter in Q2, primarily driven by a 28% reduction in its polysilicon production cost.
August 3, 2022
A continued demand from Americans for rooftop solar has led SunPower to add a record all time high of 19,700 customers in Q2 2022.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 7, 2022
15:30 AEST (UTC +10)
Solar Media Events
September 14, 2022
Solar Media Events
October 4, 2022
New York, USA
Solar Media Events
October 11, 2022
Virtual event