Green Energy Development (GED), a global provider of renewable energy projects, has formed a joint venture partnership with Clean Energy Capital Partners (CECP) to develop an 8MW solar project in New Jersey.

GED plans to leverage CECP’s knowledge and experience in the areas of renewable energy related tax particulars and solar-specific renewable energy certificates and state credits for the development of this project.

GED will partially own and operate the $32m solar project, which is expected to generate over $6m in revenue and renewable energy credit tax monetization annually, with GED receiving the proportionate share.

GED CEO and chairman David Ames said that this joint venture further expands GED’s scope and ability to diversify its reach into the global renewable energy market, and leverage renewable energy credits that form a part of most GED solar development projects.

“The New Jersey solar project allows GED to execute a very profitable solar project in the US and take advantage of the renewable energy policies in New Jersey,” Ames said.