ENVIRONMENTAL BUSINESS
NJDEP Acquires Holly Farm as Green Acres Program Turns 60
The 1,400-acre property was acquired from Atlantic City Electric .
Compiled by Miles Z . Epstein Editor , COMMERCE
The New Jersey Department of Environmental Protection ( NJDEP ) and several partner organizations gathered in June at the Holly Farm tract of the Menantico Ponds Wildlife Management Area to celebrate the 60th anniversary of the NJDEP Green Acres Program that funded the state ’ s acquisition and conservation of this environmentally sensitive land . At the event , the Cumberland County site was announced as the future southern regional headquarters for the NJDEP ’ s Division of Fish and Wildlife .
The acquisition of the Holly Farm tract is one of the largest land preservation deals in state history and was brought together by the Murphy Administration after more than 30 years of negotiation among multiple parties . The NJDEP acquired the 1,400-acre property from Atlantic City Electric with funding assistance from New Jersey ’ s Green Acres Program , established on June 3 , 1961 . The NJDEP also secured funding through the Open Space Institute to assist with land surveys and plans for potential improvements to the property , situated between Menantico Creek and Manumuskin Creek , two federally designated Wild and Scenic Rivers .
“ Having supported land conservation , open space stewardship , and recreational opportunities for 60 years , New Jersey ’ s Green Acres program is a source of great pride ,” says NJDEP Commissioner Shawn M . LaTourette . “ As one of
the first state land acquisition programs , Green Acres was groundbreaking in 1961 and is now the longest-running continuous program of its kind in the country , preserving nearly 700,000 acres of land and hundreds of recreation facilities across New Jersey .”
Preserving the Holly Farm tract provides numerous benefits , from protecting New Jersey ’ s largest concentration of endangered species to maintaining a natural buffer against the harmful effects of climate change . Green spaces can store large amounts of carbon emissions and absorb water to reduce flooding , making the area more resilient .
NJBPU Awards Offshore Wind Project to Atlantic Shores and Ocean Wind II
The New Jersey Board of Public Utilities ( NJBPU ) awarded a combined 2,658 MW of offshore wind capacity to EDF / Shell ’ s Atlantic Shores Offshore Wind and Ørsted ’ s Ocean Wind II , bringing the state ’ s total planned capacity to over 3,700 MW and moving New Jersey closer to Governor Phil Murphy ’ s goal of 7,500 MW of offshore wind by 2035 and 100 percent clean energy by 2050 . This represents the nation ’ s largest combined award to date .
Each project includes a commitment to build a nacelle assembly facility at the New Jersey Wind Port . The nacelle houses the components that convert the mechanical energy of the rotating blades into electrical energy , and is the highest value add offshore wind component . Atlantic Shores plans to partner with MHI Vestas for this facility while Ocean Wind will
collaborate with GE . Both projects will utilize the foundation manufacturing facility at the Port of Paulsboro . Additional benefits to the region include a green hydrogen pilot facility from Atlantic Shores and a truck electrification pilot project at Port Newark from Ocean Wind .
PSEG Sells Solar Portfolio to Affiliate of LS Power
Public Service Enterprise Group Inc . ( PSEG ) today announced that it has completed the sale of its PSEG Solar Source LLC portfolio to Quattro Solar LLC , an affiliate of LS Power . The sale includes the 467-megawatt-dc Solar Source portfolio of 25 solar facilities located in 14 states and related assets and liabilities .
The sale of this non-core generation portfolio is part of PSEG ' s Strategic Alternatives process to explore options for PSEG Power ' s non-nuclear generating fleet which , in addition to Solar Source , includes more than 6,750 megawatts of fossil generation .
“ This sale marks a key milestone in our Strategic Alternatives process as we continue our transformation into a primarily regulated utility ,” says PSEG Chairman , President and CEO Ralph Izzo . “ PSEG remains committed to clean energy , which includes ongoing efforts to preserve our existing carbon-free nuclear fleet and to seek growth opportunities in regional offshore wind projects .”
Goldman Sachs & Co . is serving as financial adviser , and Wachtell , Lipton , Rosen & Katz is serving as legal counsel to PSEG in connection with the transaction .
New Jersey Governor Phil Murphy NJDEP Commissioner Shawn M . LaTourette
PSEG Chairman , President and CEO Ralph Izzo
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