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Captona and South Jersey Industries (NYSE: SJI) have expanded their Catamaran Renewables joint venture with the acquisition of a 5.66 MW Solar and 5.2 MWh Storage facility in Agawam, Massachusetts. This strategic acquisition enhances Catamaran's commitment to decarbonization and bolsters its portfolio, which previously included Solar and Fuel Cell assets. The facility qualifies for the Massachusetts SMART program, ensuring a solid return on investment. This move aligns with their goals to provide clean energy to local communities while supporting renewable energy targets in the region.
SJI reported Q1 2022 results, showing GAAP earnings of $129.4 million or $1.08 per diluted share, down from $128.8 million or $1.26 in 2021. Economic earnings were $149.5 million, slightly up from $128.9 million. The company noted successful operations in its Utility and Non-Utility segments, despite financing impacts. The acquisition by IIF is proceeding as planned, with shareholder voting slated for May 10. Regulatory initiatives, including rate increases and infrastructure investments, are advancing, reflecting SJI's commitment to clean energy and service reliability.
SJI has declared a quarterly dividend of $0.3100 per share for Q1 2022, marking its 71st consecutive year of dividend payments. This dividend is payable on April 5, 2022, to shareholders of record as of the close of business on March 16, 2022. SJI operates as an energy infrastructure holding company, primarily delivering natural gas to over 700,000 customers in New Jersey through its subsidiaries, while also focusing on clean energy development through non-utility operations.
SJI reported its 2021 financial results, revealing GAAP earnings of $0.80 per diluted share, down from $1.62 in 2020. Economic earnings stood at $178 million, a 9.2% increase from 2020. The company announced an agreement to be acquired by the Infrastructure Investments Fund for $36.00 per share, a 46.3% premium over the recent trading price. SJI has experienced strong customer growth and made significant investments in infrastructure and clean energy initiatives. Due to the acquisition, SJI's earnings call for Q4 2021 has been cancelled, and financial guidance for 2022 will not be provided.
South Jersey Industries (SJI) has entered into a definitive agreement for acquisition by the Infrastructure Investments Fund (IIF) at $36.00 per share, totaling an enterprise value of approximately $8.1 billion. This deal, approved by SJI's Board, aims to enhance SJI's clean energy initiatives and maintain local management in Folsom, New Jersey. IIF's long-term investment strategy aligns with SJI's goals of decarbonization by 2040. Shareholder and regulatory approvals are pending, with closure expected in Q4 2022.
SJI (NYSE: SJI) will hold its fourth quarter and full year 2021 earnings conference call on February 24, 2022, at 11:00 A.M. ET. The results will be released prior to market opening on the same day. Investors can join the call via toll-free or local numbers and also through an online webcast.
SJI operates through its subsidiaries, providing natural gas services to over 700,000 customers in New Jersey and focusing on clean energy initiatives.
SJI has partnered with REV LNG to launch four renewable natural gas (RNG) facilities across Michigan's dairy farms. These projects will feature 2M gallon anaerobic digesters to capture methane from cow manure, aiming to produce nearly 3 million therms of RNG annually. This output can offset the impact of 1.8 million gallons of gasoline. The partnership aligns with SJI's goal of 100% carbon reduction by 2040, reinforcing their commitment to clean energy, with facilities expected to be operational by late 2022.
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SJI (NYSE: SJI) has announced a dividend increase from $0.3025 to $0.3100 per share, marking a 2.48% increase. This is the 23rd consecutive year that SJI has raised its dividend, reinforcing its commitment to consistent dividends. The new annualized dividend totals $1.24 and will be payable on December 29, 2021 to shareholders on record as of December 10, 2021. SJI has maintained a dividend payout for 70 consecutive years, showcasing a strong focus on shareholder returns.