Energy Central News

Curated power industry news from thousands of top sources.

News

NEW JERSEY RESOURCES CORP FILES (8-K) Disclosing Completion of Acquisition or Disposition of Assets

Source: 
Edgar Glimpses

Item 2.01 Completion of Acquisition or Disposition of Assets.

On February 7, 2019, New Jersey Resources Corporation ("NJR") completed the sale of its remaining 117 megawatt (MW) wind portfolio, consisting of four wind farms (the "Sale"), owned by NJR's indirect wholly owned subsidiary, NJR Clean Energy Ventures II Corporation ("NJR CEV II"). Specifically,

(i) Alexander Wind Farm, LLC, which owns a 50.7 megawatt wind power generation facility, located in Rush County, Kansas; (ii) Carroll Area Wind Farm, LLC, which owns a 20 megawatt wind power generation facility located in Carroll County, Iowa; (iii) Medicine Bow Wind, LLC, which owns a 6.4 megawatt wind power generation facility, located in Carbon County, Wyoming; and (iv) Ringer Hill Wind, LLC, which owns a 39.9 megawatt wind power generation facility, located in Somerset County, Pennsylvania.

The Sale was made pursuant to a Membership Interest Purchase Agreement (the "MIPA"), dated November 21, 2018, between NJR CEV II and SRIV Partnership LLC ("Buyer"), a subsidiary of Skyline Renewables LLC, a partnership between Ardian Infrastructure Partners and Transatlantic Power Holdings to build a renewable platform based in the United States. The purchase price paid by the Buyer was approximately $208.6 million in cash, subject to a post-closing working capital adjustment.

The foregoing description of the MIPA is qualified in its entirety by reference to the MIPA, which was filed as Exhibit 2.1 to the Current Report on Form 8-K filed on November 21, 2018, and is incorporated into this report by reference.

--------------------------------------------------------------------------------

Discussions

No discussions yet. Start a discussion below.

Get Published - Build a Following

The Energy Central Power Industry Network is based on one core idea - power industry professionals helping each other and advancing the industry by sharing and learning from each other.

If you have an experience or insight to share or have learned something from a conference or seminar, your peers and colleagues on Energy Central want to hear about it. It's also easy to share a link to an article you've liked or an industry resource that you think would be helpful.

                 Learn more about posting on Energy Central »