NJR Clean Energy Ventures (NJRCEV), a subsidiary of New Jersey Resources (NJR), has closed on a 21-year lease with the Village at Manalapan Solar for 13-acres of land in Manalapan, New Jersey. NJRCEV intends to develop a 3.6MW, US$18 million ground-mounted solar system at the New Jersey site, which will service the wholesale electric market. This is NJRCEV’s first ground-mounted solar installation, which has a completion and in-service date for sometime this fall.
“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 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.”
The Manalapan project is anticipated to qualify NJRCEV for a 30% federal investment tax credit along with Solar Renewable Energy Certificates for the solar energy produced at the site. The company notes that an additional return on investment will come by the sale of the electricity to the wholesale market.