NJR Clean Energy Ventures sells residential solar portfolio to Spruce Power

NJR Clean Energy Ventures, a clean energy subsidiary of New Jersey Resources (NJR), announced the sale of its 91 megawatt residential solar portfolio, to Spruce Power Holding Corporation (SPRU) for a total of $132.5M. NJR expects to record a gain on sale in fiscal 2025, and will use the proceeds to pay down corporate debt and for general working capital purposes. “Renewable energy investments are an integral part of our business and will continue to be a key driver of NJR’s long-term growth strategy,” said Steve Westhoven, President and CEO of New Jersey Resources. “Following this transaction, Clean Energy Ventures will have a sharpened focus on the strong opportunities for growth within its commercial solar portfolio, driven by a nearly 1 gigawatt (GW) pipeline of diverse investment options.”