July 3 (Renewables Now) - New Jersey-based energy services holding company SJI (NYSE:SJI) has inked a USD-350-million (EUR 300m) deal to sell its solar power portfolio to an entity managed by Goldman Sachs Asset Management (GSAM).
SJI’s fully-owned unit Marina Energy will sell 76 distributed solar arrays with a combined capacity of 204 MW that are located at 143 sites across New Jersey, Maryland, Massachusetts and Vermont. These solar systems deliver power to schools, hospitals and commercial and industrial facilities. Marina Energy plans to lease back some of the assets to preserve investment tax credits (ITCs).
The divestment is part of SJI’s strategy to monetise non-core, non-regulated businesses and raise investments in regulated assets, explained Michael Renna, president and CEO of the company.
SJI anticipates to receive a USD-63-million portion of the agreed sum in cash within the next week. The rest will be paid over the next several months as individual projects in the portfolio satisfy closing conditions. The transaction is expected to fully close by the end of the year.
(USD 1.0 = EUR 0.859)