Marina Terminal in Atlantic City Sells for $100M
The Marina Thermal Facility is a combined heat and power generation facility that provides electricity and hot and chilled water to both the Borgata Hotel Casino & Spa and The Water Club.
ATLANTIC CITY, NJ—South Jersey Industries (SJI) reports it has sold its eight-megawatt Marina Thermal Facility to DTE Energy Services of Detroit for $100 million in cash.
The Marina Thermal Facility is a combined heat and power generation facility that provides electricity and hot and chilled water to both the Borgata Hotel Casino & Spa and The Water Club.
“The agreement to sell the Marina Thermal Facility marks another achievement in SJI’s ongoing business transformation by monetizing a non-core asset, allowing us to focus on our long-term growth strategy,” says Steven Cocchi, SVP and chief strategy and development officer. “While the sale marks the end of a remarkably successful 15-year operating history, SJI looks forward to collaborating with DTE Energy Services in support of a seamless transition to ensure the needs of Borgata Hotel Casino & Spa and The Water Club will continue to be met.”
The sale is expected to close within 60 days, SJI states.
Folsom, NJ-based SJI delivers energy services to its customers through three primary subsidiaries. SJI Utilities, SJI’s regulated natural gas utility business, delivers natural gas to approximately 681,000 South Jersey Gas, Elizabethtown Gas and Elkton Gas customers in New Jersey and Maryland.
SJI’s non-utility businesses within South Jersey Energy Solutions promote efficiency, clean technology and renewable energy by providing customized wholesale commodity marketing and fuel management services; and developing, owning and operating on-site energy production facilities. SJI Midstream houses the company’s interest in the PennEast Pipeline project.
DTE Energy is a diversified energy company involved in the development and management of energy-related businesses and services nationwide. The firm’s operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading.