South Jersey Industries : Energenic Distributes Energy Assets to Partners
January 07 2016 - 4:49PM
FOR IMMEDIATE
RELEASE
TELEPHONE: 609-561-9000
Investor Relations Contact: Marissa
Travaline x4227, mtravaline@sjindustries.com
Media Contact: Dan Lockwood x4108,
dlockwood@sjindustries.com
January 7, 2016
Energenic
Distributes Energy Assets to Partners
FOLSOM - South Jersey Industries (SJI)
announced today the completion of a transaction whereby
substantially all of the energy production assets housed within
Energenic-US, LLC - the partnership between SJI subsidiary Marina
Energy, LLC and DCO Energy, LLC - have been distributed to the
respective partners. Selected assets will become wholly owned by
either Marina Energy or DCO to better align with the strategic
objectives of each partner.
"Consistent with our strategic focus on
doubling earnings from our core businesses, strengthening our
balance sheet, and improving the quality of earnings, this
transaction also provides an opportunity to reorganize an area of
our business and streamline operations in a way that benefits SJI
in the near term, and allows us to better execute our longer term
strategy," said Michael J. Renna, president and CEO of South Jersey
Industries.
Marina Energy and DCO have agreed that Marina will
become the sole owner of the following energy facilities:
-
Marina Thermal Plant Cogeneration Facility
-
Atlantic County Landfill Gas to Electricity
Facility
-
Salem County Landfill Gas to Electricity
Facility
-
Sussex County Landfill Gas to Electricity
Facility
-
New Brunswick Solar
-
Seabrook Brothers Solar
Each of these assets is strategically aligned to complement
existing wholly owned assets and/or serve existing customers. The
Marina Thermal Plant Cogeneration Facility provides power to the
Marina Thermal Facility which ultimately powers and conditions
Atlantic City's Borgata Hotel Casino & Spa. The landfill sites
being retained generate renewable electricity to support Borgata's
green energy objectives through an existing long-term power
purchase agreement.
Also resulting from the transaction, Marina Energy
no longer has any ownership interest in the following energy
facilities:
-
Hartford Steam Facility
-
Hartford Steam Fuel Cell
-
Montclair University Central Utility Plant
-
Parx Casino Central Utility Plant
-
Clark County Landfill Gas to Electricity
Facility
-
Warren County Landfill Gas to Electricity
Facility
-
Fredrick County Landfill Gas to Electricity
Facility
The Energenic partnership will continue to own the
cogeneration facility assets that served the former Revel property,
which are expected to be redeployed at another location.
###
About South Jersey
Industries
South Jersey Industries (NYSE:
SJI), an energy services holding company based in Folsom, NJ,
operates its business through two primary subsidiaries. South
Jersey Gas, one of the nation's fastest growing natural gas
utilities, delivers clean, efficient natural gas and promotes
energy efficiency to approximately 370,000 customers in southern
New Jersey. SJI's non-regulated businesses, under South Jersey
Energy Solutions, promote efficiency, clean technology and
renewable energy by developing, owning and operating on-site energy
production facilities - including Combined Heat and Power, Solar,
and District Heating and Cooling projects; acquiring and marketing
natural gas and electricity for retail customers; providing
wholesale commodity marketing and fuel supply management services;
and offering HVAC and other energy-efficiency related services. For
more information about SJI and its subsidiaries, visit
http://www.sjindustries.com.
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: South Jersey Industries via Globenewswire
HUG#1977535
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