NJR CLEAN ENERGY VENTURES DIVES IN WITH CONSTRUCTION ON THE LARGEST FLOATING SOLAR ARRAY IN THE U.S.

Wall, N.J., May 3, 2022 – NJR Clean Energy Ventures (CEV), the renewable energy subsidiary of New Jersey Resources (NYSE: NJR), announced construction has begun on an 8.9 megawatt (MW) floating solar installation in Millburn, New Jersey. Once complete, it will be the largest floating solar array in the United States. 

Using an innovative floating racking system, 16,510 solar panels will be installed on a reservoir located at the New Jersey American Water Canoe Brook Water Treatment Plant. The clean power generated by the array will provide approximately 95% of the facility’s annual power needs through a power purchase agreement with CEV. 

“Floating solar technology creates new opportunities for bodies of water to be a home for large-scale renewable energy generation and bring the benefits of clean energy to even more customers,” said Steve Westhoven, president and CEO of New Jersey Resources. “As a leader in New Jersey’s solar marketplace, we look forward to working with New Jersey American Water to support their power needs and advance the state’s clean energy and climate goals.”  

“As the state’s largest water and wastewater utility company, it is essential for us to be good stewards of the environment by operating efficiently and in a manner that helps protect our natural resources,” said Mark McDonough, president of New Jersey American Water. “This initiative provides a meaningful reduction of traditional energy use that benefits the environment, as well as our customers through limited capital expense and reduced power costs.”

The Canoe Brook project was developed by Solar Renewable Energy LLC (SRE) and RETTEW is providing engineering, procurement and construction services. CEV acquired the fully permitted and approved project in the first quarter of fiscal 2022. With construction underway, the installation is expected to be fully operational in the fall of 2022.

Floating solar projects offer a solution to the challenge of finding suitable locations to accommodate large scale commercial solar installations. Built mostly on man-made lakes or reservoirs, where tides and saltwater will not impact the panels, floating solar projects turn underutilized space into clean energy. Floating solar panels can also help reduce evaporation and algae growth, which protects the water source and benefits the environment. Additionally, water provides a cooling effect on the arrays, which helps the panels operate more efficiently.

“NJR Clean Energy Ventures and New Jersey American Water have been fantastic partners for developing this challenging project.  Through innovative deal structuring, the Canoe Brook team has crafted a project that maximizes the economic benefits of renewable energy, while focusing on New Jersey American Water’s core mission for safe and reliable water service.” said Douglas Berry, president and CEO of SRE. 

Clayton Bubeck, president and CEO of RETTEW added, “The Canoe Brook project advances floating solar in the United States, combining the newest technologies for large wattage bifacial panels with next generation floats and anchoring.  We’re thrilled to again construct the largest floating array in the United States.”

Constructing floating arrays is a novel approach to developing solar. Canoe Brook will be the second floating solar project in CEV’s portfolio. The first, a 4.4 MW array located in Sayreville, New Jersey that was also developed by SRE, was added in 2020.

Since 2009, CEV has invested over $1 billion in commercial and residential solar projects. Once complete, Canoe Brook will add an additional 8.9 MW of installed capacity to CEV’s existing operating portfolio consisting of nearly 370 megawatts and capable of producing enough clean energy to power over 58,000 homes annually. 

About New Jersey American Water

New Jersey American Water, a subsidiary of American Water (NYSE: AWK), is the largest investor-owned water utility in the state, providing high-quality and reliable water and/or wastewater services to approximately 2.8 million people. For more information, visit www.newjerseyamwater.com and follow New Jersey American Water on Twitter and Facebook.

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 over 7,600 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey’s Monmouth, Ocean and parts of Morris, Middlesex and Burlington counties.
• Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of nearly 370 megawatts, providing residential and commercial 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 Project, 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 1,200 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®.

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