NJR Clean Energy Ventures (NJRCEV), the unregulated distributed power subsidiary of New Jersey Resources (NJR), has agreed to acquire its second wind project. The 20 MW Carroll Area wind farm will be located on 1,100 acres of rural agricultural land in Carroll County, Iowa, approximately 65 miles northwest of Des Moines.
NJRCEV says it will invest approximately $42 million to construct, own and operate the wind farm. The company agreed to acquire the shovel-ready project from OwnEnergy Inc., a developer of midsize and community wind projects. It will be NJRCEV's second wind farm purchased from OwnEnergy; the first was the Montana-based Two Dot wind farm in 2013. NJRCEV maintains an approximate 19% ownership position in OwnEnergy and holds an option to purchase projects that fit its investment profile.
The energy produced at the Carroll Area wind farm, as well as the renewable attributes, will be sold through a 25-year power purchase agreement with utility company MidAmerican Energy. Additionally, NJRCEV says it expects the wind farm to qualify for federal production tax credits.
NJRCEV will engage Mortenson Construction for the engineering, procurement and construction of the project. The wind farm is slated to be operational by spring 2015.