Energy services holding company SJI has announced the formation of Catamaran Renewables (Catamaran), a joint venture between SJI subsidiary Marina Energy and Captona, to develop, own and operate renewable energy projects.
In conjunction with the launch of Catamaran, the companies have also announced the acquisition of two fuel cell projects in Staten Island, New York, totalling 7.5MW from NineDot Energy, an experienced renewable development company.
The projects are currently under construction and scheduled to be placed into service in October 2020. Marina will own 93% of the project and accordingly, receive 93% of the ITC, cash flows and net income associated with the project.
“We look forward to building on our proven track record of strategic energy investments by establishing Catamaran Renewables with Captona” said Mike Renna, SJI President and CEO.
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