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South Jersey Industries closes part of solar asset portfolio sale

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South Jersey Industries closes part of solar asset portfolio sale

South Jersey Industries Inc. closed the sale of a portion of its portfolio of solar energy assets to an entity managed by Goldman Sachs Asset Management LP for about $65.5 million in cash.

Effective Dec. 31, 2018, the company closed the sale of solar sites in Maryland, New Jersey and Massachusetts with a total capacity of 49.2 MW. South Jersey Industries, a gas utility holding company, had previously transferred ownership of some of the assets under the deal through multiple closings, including one in November 2018.

The company has since closed on $284.2 million in sales under the $350 million deal, with the rest awaiting the fulfillment of certain closing conditions. There is no assurance that all remaining assets would be sold as part of the deal, South Jersey Industries said in a Jan. 3 SEC filing.

The portfolio being sold is composed of 76 distributed solar energy projects at 143 sites in New Jersey, Maryland, Massachusetts and Vermont. South Jersey Industries held the assets through its subsidiary Marina Energy LLC.