NJR Clean Energy Ventures (CEV) has purchased a 20% stake in Brooklyn, N.Y.-based community wind developer OwnEnergy.
According to OwnEnergy, CEV's minority ownership provides the investor with access to OwnEnergy's balance sheet and tax capacity. Additionally, OwnEnergy notes that a CEV representative will join its board of directors.
Launched in 2007, OwnEnergy partners with landowners, farmers and local businesses to develop projects in the range of 10 MW to 80 MW. The company says its ‘wind farm in a box’ approach uses a combination of technology and standardized processes that enable it to develop mid-sized and community wind projects efficiently and cost-effectively.
CEV's minority stake in OwnEnergy is its first investment in wind energy. To date, CEV has focused on commercial and residential solar development. With the announcement, OwnEnergy says it will continue to expand its pipeline of mid sized projects.