South Jersey Industries : South Jersey Industries : Marina to Sell LVE Assets
FOR IMMEDIATE RELEASE
Investor Relations Contact: Stephen Clark x 4260
Media Contact: Joanne Brigandi x 4240
March 4, 2013
Marina Energy Agrees to Sell Las Vegas Energy Plant Assets
Folsom, NJ - Marina Energy LLC and its long time business partner DCO Energy,
LLC announced today that they had agreed to sell the assets of their joint
venture, LVE Energy Partners, LLC, to Boyd Gaming for $187 million.
Marina is a wholly owned subsidiary of South Jersey Industries (NYSE:SJI) that
both directly and via joint venture under the Energenic brand, develops, owns
and operates on-site energy projects that include district heating and
cooling, combined heat and power, solar and landfill gas-to-electric. The
assets sold comprised the partially completed energy facility that was being
constructed to serve the Echelon Resort, Boyd Gaming's planned casino resort
development on the Las Vegas Strip. Boyd had suspended development of Echelon
in August 2008. Marina is selling its interest in the assets at book value.
The sale is expected to be completed today.
"Today's sale will enable Marina to concentrate on the many new energy project
development opportunities arising as a result of dramatic changes in the
energy markets," stated Mike Renna, president of SJI's non-utility businesses.
"The emergence of abundant and low-cost shale gas, public policy promoting
development of renewable energy sources and demand for greater reliability,
efficiency and economy from energy production sources, align perfectly with
the focus of our project development business," continued Renna.
About South Jersey Industries: South Jersey Industries (NYSE: SJI), a member
of the MSCI Global Climate Index, offers solutions to climate change and helps
customers control energy costs. South Jersey Gas, one of the nation's fastest
growing natural gas utilities, delivers clean, efficient natural gas and
promotes energy efficiency to customers in southern New Jersey. SJI's
non-regulated businesses, under South Jersey Energy Solutions, promote
efficiency, clean technology and renewable energy by developing and operating
on-site energy production facilities; 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
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Source: South Jersey Industries via Thomson Reuters ONE
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