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New Jersey-based energy services holding company SJI (NYSE: SJI) signed a $350 million deal to sell its solar power portfolio to entities managed by Goldman Sachs Asset Management (GSAM
).
That includes SJI's wholly owned subsidiary, Marina Energy, which will sell 76 distributed solar arrays with a total capacity of 204 MW at 143 sites
in New Jersey, Maryland, Massachusetts and Vermont.
These solar systems provide electricity
to schools, hospitals, and commercial and industrial facilities.
Marina Energy plans to lease back some of its assets to retain the Investment Tax Credit (ITC).
Michael Renna, the company's president and CEO, explained that the asset sale is part of
SJI's strategy to monetize non-core, non-regulated businesses and increase investments in regulated assets.
SJI expects to receive the agreed amount
of approximately $63 million in cash within the next week.
The rest will be paid
in the coming months.
The transaction is expected to close by the end of the year
.
New Jersey-based energy services holding company SJI (NYSE: SJI) signed a $350 million deal to sell its solar power portfolio to entities managed by Goldman Sachs Asset Management (GSAM
).
That includes SJI's wholly owned subsidiary, Marina Energy, which will sell 76 distributed solar arrays with a total capacity of 204 MW at 143 sites
in New Jersey, Maryland, Massachusetts and Vermont.
These solar systems provide electricity
to schools, hospitals, and commercial and industrial facilities.
Marina Energy plans to lease back some of its assets to retain the Investment Tax Credit (ITC).
Michael Renna, the company's president and CEO, explained that the asset sale is part of
SJI's strategy to monetize non-core, non-regulated businesses and increase investments in regulated assets.
SJI expects to receive the agreed amount
of approximately $63 million in cash within the next week.
The rest will be paid
in the coming months.
The transaction is expected to close by the end of the year
.
