Folsom-based energy services holding company South Jersey Industries entered into an agreement through its wholly-owned subsidiary Marina Energy LLC to sell its Marina Thermal Facility to DTE Energy Services for $100 million in cash.
Located in Atlantic City, the Marina Thermal Facility is an eight-megawatt combined heat and power generation facility that provides electricity and hot and chilled water to both Borgata Hotel Casino & Spa and The Water Club.
SJI expects the transaction to close within 60 days, subject to satisfying customary closing conditions. SJI intends to use proceeds from the sale to repay debt.
Guggenheim Securities is acting as financial advisor and Morgan, Lewis and Bockius LLP is acting as legal advisor to South Jersey Industries.