Verogy, a leading, vertically integrated solar development and construction company focused on the commercial and industrial, small utility-scale, and community solar segments, today (Oct 29) announced a partnership with NJR Clean Energy Ventures (CEV), the renewable energy subsidiary of New Jersey Resources (NYSE: NJR), to develop solar projects and solar plus battery energy storage systems across the Northeast.
CEV is one of the region's largest solar owner/operators with over $1.2 billion invested in solar projects across New Jersey and five other states. CEV maintains a portfolio of approximately 477 megawatts (MW) of installed capacity, or enough clean energy to power 70,000 homes and businesses annually.
"This partnership adds more optionality and geographic diversification to our already strong project pipeline," said Robert Pohlman, Vice-President, NJR Clean Energy Ventures. "Verogy is a respected developer who shares our commitment to delivering high quality, impactful projects to reduce emissions and advance clean energy goals."
As leaders in the renewable energy marketplace with extensive experience designing, building and operating large-scale commercial solar assets, Verogy and CEV will focus on projects throughout the eastern seaboard.
"Verogy couldn't be more pleased to partner with CEV," said William Herchel, CEO of Verogy. "Our collaboration with CEV gives our platform the tools and resources we need to continue delivering high quality projects at scale. From day one, our focus has been transparency, safety, and execution quality; CEV is a perfect match for that mission."
About Verogy
Verogy is a national renewable energy developer focused on developing, constructing, and owning commercial and industrial, small utility-scale, and community solar projects. Built on 75+ years of combined industry experience, the professionals at Verogy have developed, financed, and constructed hundreds of solar projects across the United States. Funds managed by AB CarVal, an established global alternative investment manager, have owned a minority stake in Verogy since 2022. Learn more at https://www.verogy.com/.
About AB CarVal
AB CarVal is an established global alternative investment manager and part of AllianceBernstein's Private Alternatives business. Since 1987, AB CarVal's team has navigated through ever-changing credit market cycles, opportunistically investing $151 billion in 5,800 transactions across 82 countries. Today, AB CarVal has approximately $19 billion* in assets under management in corporate securities, loan portfolios, structured credit and hard assets. AB CarVal has committed over $5.5 billion in energy transition investments. Additional information about AB CarVal may be found at www.abcarval.com.
* AUM is comprised fee-earning AUM and fee-eligible AUM. Fee-earning AUM includes those assets currently qualified to generate management fees. Fee-eligible AUM includes capital that is committed to an AB CarVal Fund but is currently uncalled or recallable. The number represented here excludes assets under AB CarVal's management that are not generating management fees due to the maturity of the Fund but includes amounts that do not generate management fees solely due to AB CarVal's decision not to charge management fees.
About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:
- New Jersey Natural Gas, NJR's principal subsidiary, operates and maintains natural gas transportation and distribution infrastructure to serve approximately 582,000 customers in New Jersey's Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties.
- Clean Energy Ventures develops, invests in, owns and operates utility-scale, commercial and residential energy projects throughout the Northeast that generate clean power providing its customers with low-carbon solutions.
- Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
- Storage and Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River and the Adelphia Gateway Pipeline, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility.
- Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.
NJR and its over 1,300 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®.
Contacts:
Verogy
Jenna Behan
jbehan@verogy.com
New Jersey Resources
Media: Michael Kinney
Email: mkinney@njresources.com
Investors: Adam Prior
Email: aprior@njresources.com
