SOUTH JERSEY INDUSTRIES, INC. (NYSE:SJI) Files An 8-K Completion of Acquisition or Disposition of AssetsItem 2.01
Completion of Acquisition or Disposition of Assets
As previously announced, on June 27, 2018, South Jersey Industries, Inc., a New Jersey corporation (the “Company”), through its indirectly wholly-owned subsidiary, Marina Energy LLC, a New Jersey limited liability company (“Marina”), entered into a series of agreements whereby Marina will sell its portfolio of solar energy assets (the “Transaction”) to an entity managed by Goldman Sachs Asset Management (“Buyer”) for total consideration of approximately $350 million in cash.
As of November 30, 2018, the Company completed the disposition of a “significant amount” of the Company’s assets within the meaning of, and in accordance with, the standards set forth in Item 2.01 of Form 8-K which divestitures consisted of solar sites with total capacity of 124.4 megawatts. Total net consideration received for the sale of these divestitures is approximately $162.6 million in cash. In addition, in July 2018, the Company completed the sale of certain solar renewable energy credits for total consideration of $62.6 million in cash.
| Item 9.01 |
Financial Statements and Exhibits. |
| (b) |
Pro forma financial information. |
The unaudited pro forma consolidated financial information of the Company giving effect to the above Transaction, and the related notes thereto, have been derived from its historical consolidated financial statements and are attached hereto as Exhibit 99.1.
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Exhibit No. |
Description |
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Unaudited pro forma condensed consolidated financial statements and explanatory notes for the Company as of and for the nine months ended September 30, 2018, and for the year ended December 31, 2017. |
SOUTH JERSEY INDUSTRIES INC ExhibitEX-99.1 2 ex99_1.htm EXHIBIT 99.1 Exhibit 99.1 Unaudited Pro Forma Condensed Consolidated Financial Information On June 27,…To view the full exhibit click here
About SOUTH JERSEY INDUSTRIES, INC. (NYSE:SJI)
South Jersey Industries, Inc. (SJI) is an energy services holding company. The Company provides a range of energy-related products and services, primarily through its subsidiaries. Its subsidiaries include South Jersey Gas Company (SJG), South Jersey Energy Company (SJE), South Jersey Resources Group, LLC (SJRG), South Jersey Exploration, LLC (SJEX), Marina Energy, LLC (Marina), South Jersey Energy Service Plus, LLC (SJESP) and SJI Midstream, LLC. The Company operates through various segments, including Gas utility operations (SJG), Wholesale energy operations, SJE, On-Site energy production, Appliance service operations and Corporate & Services. The Company groups its nonutility operations into over two categories: Energy Group and Energy Services. Energy Group includes wholesale energy, retail gas and other, and retail electric operations. Energy Services include on-site energy production and appliance service operations.
