4 MW Solar Array will Generate Clean
Electricity Sufficient to Power Over 440 Homes
Project Will Reduce Carbon Emissions by Over
3,500 Metric Tons Annually
NEWARK,
N.J., April 18, 2023 /PRNewswire/ -- Genie
Solar Energy, a Genie Energy Ltd., (NYSE: GNE), ("Genie")
renewables business and a rapidly growing developer of commercial
and community solar projects, today broke ground on construction of
a four megawatt (MW) community solar array in Perry, NY.
"We are excited to bring all the benefits of clean, renewable
solar energy to the residents and businesses of Perry," said Michael
Stein, Genie's CEO. "We are grateful to the board and staff
the New York State Energy and
Research Development Authority for their leadership, and to the
Perry community for their support
throughout the planning process."
The Perry project will comprise
approximately 9,000 panels. With a projected annual production of
over 5,000 MWh, it will generate electricity sufficient to power
over 440 homes while offsetting over 3,500 metric tons of carbon
emissions annually.
Genie Solar expects to complete
construction of the Perry solar
array later this year. To facilitate the project's connection with
the local electrical grid, Genie
Solar will pay for the project's required grid
interconnection upgrades. That work must be performed by the local
utility, National Grid, with the timing determined by its ability
to schedule and complete the work.
New York State's community
solar program enables households and businesses across the state to
access the environmental and economic benefits of solar electricity
generation without the need to install panels on their properties.
Instead, the solar project developer constructs and interconnects a
solar array to the grid while enrolling local
subscribers.
Once the project begins to generate electricity, subscribers
receive a discount on their electricity supply bill by agreeing to
receive electricity from a local, renewable source of
power.
"New York's community solar
program is leading the way to bring the benefits of clean,
affordable solar energy to residents and businesses across the
state," said Nathan Knapke, Director
of Community Solar for Genie Solar Energy. "For the Perry project, we not only will lower
electricity bills for hundreds of local subscribers, but we also
plan to utilize highly-skilled, local personnel from Perry and its immediately surrounding areas
for critical tasks during the project's construction including land
preparation, panel installation, and electrical work."
Residents of Perry and the
surrounding communities who are interested in subscribing to this
project can sign up for the project's subscriber waitlist online
and follow project construction at
https://perrycommunitysolar.com/.
Landowners with acreage crossed by, or adjacent to, utility
transmission or distribution lines can learn more about
Genie Solar lease opportunities at
https://geniesolarenergy.com/services/solar-land-lease/.
In this press release, all statements that are not purely
about historical facts, including, but not limited to, those in
which we use the words "believe," "anticipate," "expect," "plan,"
"intend," "estimate, "target" and similar expressions, are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. While these
forward-looking statements represent our current judgment of what
may happen in the future, actual results may differ materially from
the results expressed or implied by these statements due to
numerous important factors, including, but not limited to, those
described in our most recent report on SEC Form 10-K (under the
headings "Risk Factors" and "Management's Discussion and Analysis
of Financial Condition and Results of Operations"), which may be
revised or supplemented in subsequent reports on SEC Forms 10-Q and
8-K. We are under no obligation, and expressly disclaim any
obligation, to update the forward-looking statements in this press
release, whether as a result of new information, future events or
otherwise.
About Genie Energy:
Genie Energy Ltd. (NYSE: GNE, GNEPRA), is a global provider of
energy services. The Genie Retail Energy division (GRE)
supplies electricity and natural gas to residential and small
business customers in the United
States. The Genie Renewables division (GREW) includes Genie
Solar Energy and Prism Solar, which design, supply and install
commercial solar solutions; CityCom Solar, which provides customer
acquisition, billing & management services for GREW and
third-party solar projects; Sunlight Energy Investments, Genie's
investment vehicle for acquiring commercial, community and
utility-scale solar projects; and Diversegy, a commercial and
industrial brokerage and consultative services company. For more
information, visit Genie.com.
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SOURCE Genie Energy Ltd.