NJR Clean Energy Ventures (NJRCEV), a subsidiary of New Jersey Resources, says it has entered into an agreement with the Village at Manalapan Solar LLC to lease 13 acres of land in Manalapan, N.J., for a 3.6 MW ground-mounted solar system.
Power generated from the $18 million project will be used to serve the wholesale electric market. NJRCEV will lease the site for a period of 21 years from Village At Manalapan Solar LLC, an affiliate of Spano Partners Holdings.
NJR expects that investments made by NJRCEV will qualify for a 30% federal investment tax credit. In addition, the energy produced will be eligible for solar renewable energy certificates. Additional return on investment will be provided by the sale of electricity to the wholesale market.