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November 17, 2014
South Jersey Resources Group to Supply Fuel Management Services to Panda Stonewall Facility
FOLSOM, NJ - South Jersey Industries, (SJI), the energy holding company for South Jersey Energy Solutions, announced that SJES` subsidiary, South Jersey Resources Group, has executed a 4-year contract to supply fuel management services with Panda Power Funds for their Stonewall Power Project. Under the terms of the contract, SJRG will be the exclusive provider of natural gas supplies and services associated with managing those supplies for the generating station.
The proposed facility is a clean natural-gas fueled 750 megawatt natural combined-cycle generating station located in Loudoun County Virginia. Commercial operations are expected to begin in 2017. Once built, the plant is expected to supply the power needs of up to 750,000 homes in Virginia.
South Jersey Resources Group will also manage new pipeline capacity for Panda on Dominion Transmission from the Marcellus Shale to Stonewall. The total supply contract for the project is 110,000 dekatherms per day, of which 55,000 dth will be supplied on the new pipeline space.
Michael Renna, president and COO of SJI, said, "SJRG`s commodity marketing program has allowed us to link generators to abundant and affordable natural gas supplies. We are extremely pleased to continue working with Panda on this new project in Virginia and are excited about the opportunities SJRG has in the growing gas-fired merchant electricity generation industry."
About SJI
South Jersey Industries (SJI), an energy services holding company based in Folsom, NJ, operates its business through two primary subsidiaries. South Jersey Gas, one of the nation`s fastest growing natural gas utilities, delivers clean, efficient natural gas and promotes energy efficiency to approximately 365,000 customers in southern New Jersey. SJI`s non-regulated businesses, under South Jersey Energy Solutions, promote efficiency, clean technology and renewable energy by developing, owning and operating on-site energy production facilities - including Combined Heat and Power, Solar, and District Heating and Cooling projects; acquiring and marketing natural gas and electricity for retail customers; providing wholesale commodity marketing and risk management services; and offering HVAC and other energy-efficiency related services. For more information about SJI and its subsidiaries, visit www.sjindustries.com.
About Panda Power Funds, LP
Founded in 2010, Panda Power Funds is a private equity firm headquartered in Dallas, Texas, that has the ability to develop, acquire, construct, finance and operate utility-scale, natural gas-fueled power generation facilities. Panda has two 758 megawatt combined-cycle power plants in operation in Temple and Sherman, Texas and three combined-cycle power plants currently under construction in Texas and Pennsylvania with a total capacity of more than 2,400 megawatts. Panda Power Funds also has two power projects in advanced development: a 778 megawatt combined-cycle power plant in Northern Virginia and an 859 megawatt power facility in Southern Maryland. The fund built a 20 megawatt solar farm in Southwest New Jersey that is one of the largest solar facilities in the Northeast United States. Additional information on Panda Power Funds can be found at www.pandafunds.com.
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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: South Jersey Industries via GlobeNewswireHUG#1872102