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South Jersey Industries closes portion of $350M solar asset portfolio sale

South Jersey Industries Inc. has sold additional solar sites across Maryland, New Jersey and Massachusetts, completing a portion of the divestment of its portfolio of solar energy assets to a Goldman Sachs Asset Management LP-managed entity.

Effective May 24, South Jersey Industries subsidiary Marina Energy LLC closed the sale of the solar sites for roughly $8.2 million in cash. Before this deal closing, the company most recently transferred ownership of other solar sites across New Jersey and Massachusetts for about $20.1 million in cash.

South Jersey Industries, a gas utility holding company, has since closed on $312.4 million in sales under the $350 million deal, the company said in a May 30 SEC filing.

The portfolio being sold comprises 76 distributed solar energy projects at 143 sites in New Jersey, Maryland, Massachusetts and Vermont with a total capacity of approximately 204 MW.