Following this investment, a NJR CEV representative will join OwnEnergy’s board; other investors in OwnEnergy include EnerTech Capital Partners and Calpers Clean Energy & Technology Fund.
NJR CEV chairman and CEO Laurence M Downes announced the entry of the firm into the wind energy market, which would further diversify its investments in the renewable energy marketplace.
"With our investment in OwnEnergy, we expect to maintain CEV’s contribution of 15 to 25 percent of our consolidated earnings," Downes added.
Downes said the company has been created to take advantage of emerging opportunities in the renewable energy field.
"Through our strategic investment and development of more than 35 megawatts of commercial and residential solar projects in New Jersey, CEV has established itself as a leader in the clean energy marketplace."
OwnEnergy said it partners with farmers, landowners and local businesses to build projects in the range of 10MW to 80MW and has developed and sold three projects, totaling 141MW of power.
In addition, the company said it has a pipeline of over 1,300MW in various stages of development.
