US-based NJR Clean Energy Ventures (CEV), a subsidiary of New Jersey Resources, has sold its 91 MW residential solar portfolio to Spruce Power Holding Corporation for $132.5 million. The portfolio, under the “Sunlight Advantage” program, served around 9,800 homeowners with solar systems requiring no installation or maintenance costs. Spruce Power will take over all lease agreements in the deal. According to CEV, proceeds will be used to reduce corporate debt and support working capital, with a fiscal 2025 gain anticipated. Since 2009, CEV has invested over $1.2 billion in solar projects and is the largest commercial solar operator in New Jersey. Post-sale, CEV plans to concentrate on its commercial solar portfolio, backed by a nearly 1 GW pipeline for long-term growth.
NJR Clean Energy Ventures exits residential solar assets
NJR Clean Energy Ventures will shift its focus to a 1 GW pipeline of commercial solar projects. (Image Source: Spruce Power)
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