NJR Clean Energy Ventures

What NJR Clean Energy Ventures does

NJR Clean Energy Ventures (NJRCEV) is a wholly-owned subsidiary of New Jersey Resources (NYSE: NJR) that develops, invests in, owns, and operates solar energy generating facilities throughout the Northeast United States. Founded in 2010 and headquartered in Wall, New Jersey, the company built an installed portfolio of more than 500 MW as of Q2 2026, with a stated goal of growing installed capacity by 50% by the end of fiscal 2027 and a near-term project pipeline of nearly 1 GW.

The company's product portfolio spans utility-scale ground-mounted solar, commercial rooftop installations, community solar projects, and floating photovoltaic arrays — including the 8.9 MW Canoe Brook facility developed with New Jersey American Water, claimed as North America's largest floating solar array. NJRCEV operates as a project developer, owner, and long-term operator, using solar PV as its core technology across multiple deployment formats and serving off-takers through long-term Power Purchase Agreements, community solar subscription programs, and wholesale grid sales.

NJRCEV monetizes assets primarily through two channels: (1) long-term PPAs that sell electricity to property owners and commercial/institutional off-takers at rates below prevailing grid rates, and (2) wholesale energy sales for projects without direct off-take. In November 2024, NJRCEV divested its 91 MW residential solar portfolio (≈9,800 homeowner leases) to Spruce Power Holding Corporation for $132.5 million and refocused exclusively on commercial and wholesale solar. The go-to-market is direct enterprise sales, targeting property owners with large rooftops or undeveloped land, late-stage solar project developers seeking pipeline liquidity, and — through the Verogy strategic partnership — community solar subscribers in Connecticut, Maine, Pennsylvania, and Rhode Island. The subsidiary is capitalized entirely through its publicly-traded parent, which committed $4.8B–$5.2B of group CapEx through FY2030.

Name

NJR Clean Energy Ventures

Legal name

NJR Clean Energy Ventures

Website

https://njrcleanenergyventures.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

1–10 employees

Short description

NJR Clean Energy Ventures is a New Jersey Resources subsidiary that develops, owns, and operates commercial, community, and floating solar projects across the Northeast U.S., monetizing them through long-term PPAs and wholesale energy sales from a 500+ MW installed base.

Ownership category

akta.pro rank

Product category

Commercial Solar Energy

NAICS

Solar Electric Power Generation (221114)

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Solar Project Development & IPP (Utility-Scale & Rooftop) (EUAMABAA)

akta.pro secondary industries

Solar Financing, Leasing & Ownership Platforms (Tax Equity, PPA, Securitization) (EUAMABAJ), Community Solar Development & Subscription Management (EUAMAJAA), Development-Stage M&A & Portfolio Acquisition (Early-Stage/Ready-to-Build) (EUAMAAAF), Distributed & Commercial Renewable O&M (Rooftop Solar, C&I Wind, Small Hydro) (EUAMAGAB)

Keywords

• Commercial solar development
• Power purchase agreements
• Rooftop solar installations
• Ground-mounted solar
• Community solar projects

Headquarters

HQ city

Belmar

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Supply Chain, Marketing or Sales

Revenue model

1. Power Purchase Agreements (Commercial Solar): NJRCEV develops and operates rooftop and ground-mounted solar generating facilities, selling electricity to property owners through long-term PPAs at rates lower than current electric rates. In cases where power cannot be sold to tenants or adjacent users, wholesale energy projects may be developed.
2. Wholesale Energy Sales: Power generated from solar facilities that cannot be sold directly to tenants or adjacent businesses is sold into the wholesale energy market.
3. Residential Solar Lease Agreements (Divested): NJRCEV previously operated approximately 9,800 residential homeowner lease agreements as part of its residential solar portfolio, which was sold to Spruce Power Holding Corporation in November 2024 for $132.5 million.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels2 records

Core offering

NJR Clean Energy Ventures develops, invests in, owns, and operates commercial-scale solar energy projects across the Northeast US. The company's portfolio includes rooftop, ground-mounted, community, and floating photovoltaic generating facilities, with power sold to commercial property owners through long-term Power Purchase Agreements (PPAs) at rates below prevailing electric rates, and surplus output sold into the wholesale energy market. In November 2024, NJRCEV divested its residential solar lease portfolio to focus exclusively on commercial solar development and operation.

Product overview

NJR Clean Energy Ventures (NJRCEV) is a clean energy company that develops, invests in, owns and operates solar energy projects throughout the Northeast. The company operates a multi-product portfolio consisting of Commercial Solar systems (rooftop and ground-mounted solar generating facilities), Small Commercial Solar solutions for PPA customers, and various specialized solar installations including floating solar arrays and community solar projects. Since its inception in 2010, NJRCEV has built a portfolio of nearly 400 MW of installed capacity serving commercial and wholesale markets. The company leverages the financial strength and energy services expertise of parent company New Jersey Resources to find, build and maintain its project portfolio.

Differentiator

Problem solved

Functional benefit

Products and services

• Commercial Solar Rooftop and ground-mounted solar generating facilities developed, owned, and operated by NJRCEV across the Northeast, with power sold to property owners through long-term Power Purchase Agreements (PPAs) at rates below prevailing electric rates or, where direct offtake is not viable, into the wholesale energy market.
• Small Commercial Solar Solar energy solutions delivered under existing Power Purchase Agreements to small commercial customers, religious institutions, and nonprofit organizations, including online bill payment via the NJRCEV portal.
• Community Solar Subscription-based community solar projects developed under state shared clean energy programs such as Connecticut's Shared Clean Energy Facility, providing monthly electricity bill credits to subscribers including low- and moderate-income households; includes completed Old Bridge Community Solar and the Verogy partnership portfolio (18 projects, 52+ MW across CT, ME, PA, RI).
• Floating Solar Systems Floating photovoltaic installations deployed on water bodies, including the 4.4 MW Sayreville Floating Solar Facility and the 8.9 MW Canoe Brook facility — North America's largest floating solar array — developed in partnership with New Jersey American Water to convert underutilized water surfaces into clean energy generation.

Quantifiable outcome

• Nearly 400 MW of installed capacity built since inception in 2010
• +3 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• VerogycoreStrategic or Co-development Partner · 1 October 2024Strategic partnership announced in October 2024 for a portfolio of 18 community solar projects totaling over 52 MW across Connecticut, Maine, Pennsylvania, and Rhode Island. The first project under this partnership is Glastonbury Solar One, a 3-MW community solar project in Glastonbury, Connecticut, developed under Connecticut's Shared Clean Energy Facility program providing monthly electricity bill credits to subscribers including low- and moderate-income households. The projects are expected to collectively power more than 7,400 homes.

Scale indicators7 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Verogy: Verogy is a community solar developer and EPC that NJRCEV partnered with in October 2024 for an 18-project, 52+ MW community solar portfolio across CT, ME, PA, RI. Operating focus on Northeast community/shared clean energy closely mirrors NJRCEV's commercial/community-solar model, making it the most directly comparable peer.
• CleanCapital: CleanCapital acquires, operates, and finances distributed solar and storage assets across North America including community solar portfolios. Like NJRCEV, it acts as a buyer/operator of late-stage solar portfolios, making business model and asset-acquisition strategy directly comparable.
• Distributed Solar Development: Distributed Solar Development (DSD) is a New York–based community solar developer with a strong Northeast portfolio. Both DSD and NJRCEV focus on community-solar subscriptions and C&I PPAs in overlapping Northeast states with comparable regulatory frameworks.
• Borrego Solar: Borrego is a commercial, industrial, and utility-scale solar developer and O&M provider with significant Northeast and US-wide C&I project activity. The combination of C&I project development, PPA structuring, and long-term O&M services is highly comparable to NJRCEV's full-stack commercial solar offering.
• Nautilus Solar Energy: Nautilus is a community and commercial solar developer/owner-operator with active C&I and community solar projects in the Northeast US. Its community solar subscription model and PPA-based commercial solar parallels NJRCEV's project development and PPA monetization approach.
• Cypress Creek Renewables: Cypress Creek is one of the largest US independent solar developers and owner-operators focused on community and C&I solar projects via PPAs. Its distributed solar development/IPP model and community-solar pipeline overlap directly with NJRCEV's commercial solar/IPP business.

Broad incumbents

• Clearway Energy: Clearway Energy owns and operates contracted renewable generation, including significant US solar and storage assets, and is a public-sector peer to NJRCEV's IPP model. It competes for capital in similar Northeast IPP/conventional solar PPA opportunities albeit at a much larger scale.
• EDF Renewables North America: EDF Renewables North America develops, owns, and operates utility-scale solar, wind, and storage projects across the US, including Northeast community and commercial solar pipelines. Like NJRCEV, it competes in the same Northeast C&I/community solar procurement landscape as a much larger incumbent.
• Lightsource bp: Lightsource bp is a global utility-scale and C&I solar developer/operator with US footprint across community solar, C&I PPAs, and utility-scale projects. It is a broader incumbent with overlapping capabilities to NJRCEV in commercial/community solar development.
• NextEra Energy Resources: NextEra Energy Resources is the largest US renewables developer/IPP and operates across solar, wind, and storage at utility scale. While vastly larger and broader, it overlaps with NJRCEV as a competing solar IPP acquiring and developing projects in the Northeast wholesale market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/NJNaturalGas
• Facebookfacebook.com/newjerseynaturalgas
• LinkedInlinkedin.com/company/njr-clean-energy-ventures-corporation

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NJR Clean Energy Ventures