NJR Clean Energy Ventures Sells Residential Solar Business

Dow Jones06:26

By Stephen Nakrosis

New Jersey Resources said its NJR Clean Energy Ventures subsidiary sold its 91 MW residential solar portfolio to Spruce Power Holding in a $132.5 million deal.

Spruce Power is a power-as-a-service company which owns and operates residential solar systems in the U.S.

The residential solar program offers qualifying homeowners with the chance to have a solar system installed at their home with no installation or maintenance expenses, NJR said Monday. About 9,800 existing lease agreements will be assumed by Spruce in full, the company added.

Steve Westhoven, president and chief executive of New Jersey Resources, said the transaction will enable Clean Energy Ventures to have a sharpened focus on its commercial solar portfolio.

NJR said it is expecting to record a gain on sale in fiscal 2025, with proceeds slated to pay down corporate debt and for general working capital purposes.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

November 25, 2024 17:26 ET (22:26 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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