Posted on Sep 20, 2012 |

This article appeared in Recharge. You can access the story here.

By Richard A. Kessler

A subsidiary of New Jersey Resources (NJR) has paid $8.8m to take 20% ownership in wind developer OwnEnergy – a sign that fossil fuel companies are looking beyond the sector's present instability and see it generating profits in the years ahead.

“We believe this ownership stake represents a sound investment for our company and look forward to developing new wind projects through this partnership to make clean energy, and its benefits, more accessible,” says Laurence M. Downes, chief executive of NJ R, a $3bn natural gas supplier in northern and central New Jersey.

NJR Clean Energy Ventures (CEV) took its seat immediately on theOwnEnergy board, David Georges, a spokesman for the developer, tells Recharge.

Read the rest of the article here.