South Jersey Industries Inc. through its subsidiary Marina Energy LLC agreed to divest its Marina thermal facility to DTE Energy Co. subsidiary DTE Energy Services Inc. for $100 million.
The Marina thermal facility is an eight-megawatt heat and power generation facility, which provides electricity services to customers in Atlantic City, N.J., according to a Dec. 6 news release. South Jersey Industries plans to use the proceeds for debt repayment.
Guggenheim Securities served as the financial adviser, while Morgan Lewis and Bockius LLP acted as the legal adviser for the deal, which is slated to close within 60 days.
South Jersey Industries is an energy services holding company that delivers natural gas and other services through its three primary subsidiaries.