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New Jersey Resources (NJR) on Nov. 25 said its subsidiary NJR Clean Energy Ventures has sold its 91-megawatt residential portfolio to Spruce Power Holding Corp. for $132.5 million.
Proceeds of the sale will be used to lower NJR corporate debt and for general working capital purchases, the company said in a news release.
“Following this transaction, Clean Energy Ventures will have a sharpened focus on the strong opportunities for growth within its commercial solar portfolio, driven by a nearly 1 gigawatt (GW) pipeline of diverse investment options,” New Jersey Resources CEO Steve Westhoven said.
Clean Energy Ventures is one of the largest owner-operators of commercial solar in New Jersey. Its residential solar program operated under the brand The Sunlight Advantage. As part of the sale, existing lease agreements for about 9,800 participating landowners will be assumed by Spruce, according to the release.
Colorado-based Spruce owns and operates distributed solar energy assets across the U.S. Earlier this year, the company said it was evaluating residential solar portfolio M&A opportunities as well as organic growth prospects.
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