“Our investment in onshore wind represents a long-term growth opportunity for our company and our shareowners,” said Laurence M. Downes, chairman and CEO of New Jersey Resources. “With the successful completion of the Alexander Wind Farm, onshore wind now accounts for 40 percent of our distributed power capacity and underscores NJR Clean Energy Ventures’ continuing efforts to strengthen and diversify our portfolio, as well as our commitment to make clean energy – and its benefits – more accessible.”
The energy produced at the Alexander Wind Farm, as well as the renewable attributes, will be sold under two long-term agreements. The Kansas City Board of Public Utilities (KCBPU) has signed a 20-year power purchase agreement for approximately 50 percent of the energy. The KCBPU currently serves approximately 65,000 electric and 59,000 water customers in Wyandotte County, Kansas. The remaining energy will be purchased through a 15-year agreement by Yahoo!, Inc., the global Internet corporation headquartered in Sunnyvale, CA. Yahoo will use the wind power to offset much of its energy usage in the Great Plains region.
In addition to the Alexander Wind Farm, NJRCEV placed the Montana-based Two Dot Wind Farm in service in June 2014 and the Carroll Area Wind Farm, located in Iowa, in service in February 2015. These two wind farms have a total capacity of 9.7 MW and 20 MW, respectively.
NJRCEV expects the wind farm will qualify for federal production tax credits (PTCs), which are based on kilowatt-hour output. All PTCs generated by the Alexander Wind Farm will be retained by NJR.
NJRCEV invests in, owns and operates distributed power projects that generate clean energy and provide low-carbon energy solutions. These investments benefit customers, while providing growth opportunities for shareholders. To date, NJRCEV’s approach has focused on commercial and residential solar project development in New Jersey and onshore wind projects in the Midwestern United States.