NJR Clean Energy Ventures, the unregulated clean energy subsidiary of Wall-based New Jersey Resources, announced Wednesday the acquisition of its first onshore wind project, in Montana.
NJRCEV will invest approximately $22 million and be responsible for constructing, owning and operating the wind farm, which will have a total capacity of 9.72 megawatts.
According to the announcement, the wind farm will be located on 176 acres of rural agricultural land approximately 93 miles east of Helena.
The project was developed by OwnEnergy Inc., a developer of midsize and community wind projects. In 2012, NJRCEV acquired an approximate 19 percent ownership position in OwnEnergy, with an option to purchase projects that fit its investment profile. This is the first OwnEnergy project purchased by NJRCEV.
Energy produced at the site will be sold through a 25-year power purchase agreement with NorthWestern Energy, a natural gas and electricity supplier that serves more than673,000 customers in Montana, South Dakota and Nebraska. Additionally, NJRCEV expects the wind farm will qualify for federal production tax credits.
NJRCEV expects the wind farm will be operational by summer 2014, the company said in a statement.