NJR Clean Energy Ventures Announces Sale of Two Dot Wind Farm

WALL, N.J.–(BUSINESS WIRE)–NJR Clean Energy Ventures (CEV), the non-regulated clean energy
subsidiary of New Jersey Resources (NYSE: NJR), today announced the sale
of its 9.7 megawatt (MW) wind farm in Two Dot, Montana to NorthWestern
Energy (NWE) for $18.5 million. CEV entered into a purchase and sale
agreement with the natural gas and electricity investor-owned utility,
and submitted a joint filing for authorization with the Federal Energy
Regulatory Commission (FERC). Once approved by FERC, the transaction is
expected to close.

Located approximately 93 miles east of the state capital of Helena, the
Two Dot wind farm was completed and became operational in 2014. It
consists of six, GE 1.62 MW wind turbines, and the energy produced is
currently sold to NWE. CEV also owns and operates wind projects in
Carroll County, Iowa, Rush County, Kansas, Carbon County, Wyoming and
Somerset County, Pennsylvania with a total installed capacity of 117 MW.

“NJR Clean Energy Ventures’ wind assets, with established long-term
power purchase agreements, are highly valued by the marketplace,” said
Stephen Westhoven, chief operating officer of New Jersey Resources. “The
sale of Two Dot reflects the growing demand for clean energy projects,
and we are taking a strategic review of our remaining wind assets.”

“Clean energy is, and will continue to be, an important part of our
business,” Westhoven stated. “We will continue to make prudent
investments to position our company for long-term growth.”

Since 2009, CEV has invested approximately $241 million in onshore wind
and nearly $590 million in solar projects, and plans to invest $500
million over the next four years. As a leading solar provider in New
Jersey, CEV has more than 6,500 residential solar lease customers and 32
commercial installations, capable of producing a total of 190 MW of
installed capacity, or enough clean energy to power nearly 20,000 homes
annually.

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 7,400 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.
• NJR Clean Energy Ventures invests in, owns and operates solar
  and onshore wind projects with a total capacity of more than 300
  megawatts, providing residential and commercial customers with
  low-carbon solutions.
• NJR 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.
• NJR Midstream serves customers from local distributors and
  producers to electric generators and wholesale marketers through its
  50 percent equity ownership in the Steckman Ridge natural gas storage
  facility and its stake in Dominion Midstream Partners, L.P., as well
  as its 20 percent equity interest in the PennEast Pipeline Project.
• NJR 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 more than 1,000 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®.

For more information about NJR:

Visit www.njresources.com.
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Contacts

New Jersey Resources
Media:
Michael Kinney,
732-938-1031
[email protected]
or
Investors:
Dennis
Puma, 732-938-1229
[email protected]