NJRCEV acquires 20MW Iowa project
NJR Clean Energy Ventures (NJRCEV) will invest $42m to build, own and operate a 20MW wind farm to be located about 80km northwest of the state’s capital Des Moines.
NJRCEV, the unregulated distributed power subsidiary of New Jersey Resources, agreed to acquire the project from developer Own Energy, in which it has a 19% ownership stake.
The energy as well as the renewable attributes will be sold through a 25-year power purchase agreement with MidAmerican Energy, Iowa’s largest electric utility.
NJRCEV says the Carroll Area win farm will qualify for the federal renewable electricity production tax credit.
The company did not disclose the project’s turbine supplier.