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December 23, 2013
South Jersey Resources Group to Supply Fuel Management Services
to Panda Patriot Facility
HAMMONTON, NJ - South Jersey Industries, (NYSE:SJI), the energy holding company for South Jersey Gas and South Jersey Energy Solutions, announced that SJES' subsidiary, South Jersey Resources Group, has executed a 4-year contract to supply fuel management services to Panda Power Fund's newly acquired Patriot power project.
The proposed facility developed by Moxie Energy, LLC and recently acquired and financed by Panda Power Funds, is a planned 829 megawatt natural gas-fueled, combined-cycle generating station located in Lycoming County Pennsylvania. The unit at maximum output will burn up to 137,000 dekatherms of gas a day. Commercial operations are expected to begin by the middle of 2016.
When completed, the Patriot project will be the second new power plant in the Commonwealth, after Panda's Liberty power plant. SJRG has a 5-year contract to supply fuel management services to the Liberty facility as well.
Michael Renna, president, South Jersey Energy Solutions said, "In our wholesale marketing business, our most significant growth opportunity lies in capitalizing on an emerging niche service -- fuel supply for merchant electric generating facilities. We are pleased to be able to serve the new facility and to continue our relationship with Panda through this contract award."
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.
About SJI
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 http://www.sjindustries.com.
About Panda Power Funds, LP
Founded in 2010, Panda Power Funds is a private equity firm headquartered in Dallas, Texas, which has the ability to develop, acquire, construct, finance and operate large-scale, natural gas- fueled power generation facilities. Panda has five combined-cycle power plants currently under construction in Texas and Pennsylvania with a total capacity of nearly 4,000 megawatts and has announced a 750-MW combined-cycle power plant in Northern Virginia and an 859-MW 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.
About Moxie Energy
Moxie Energy, LLC is a private development firm formed in 2009, which has a demonstrated capability to develop large complex power generation projects. Additional information on Moxie Energy can be found at www.moxieenergy.com.
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