Sunlight Energy Investments Acquires Portfolio of Solar Projects
27 November 2023 - 2:30PM
Sunlight Energy Investments (Sunlight Energy), a subsidiary of
Genie Energy Ltd., (NYSE: GNE), a retail energy and renewable
energy solutions provider, today announced that it has purchased a
portfolio of 12 operating solar arrays with an aggregate rating of
9.4 MW-DC from the project developer.
The arrays supply power to on-site school
facilities in Ohio and Michigan, and their production is covered
under direct, long-term fixed-price solar power purchase agreements
(PPAs). The sale also provides Sunlight Energy with the right of
first refusal on the developer’s future projects.
“We continue to leverage Genie’s strong balance
sheet and low cost of capital to build our Genie Renewables
business,” said Michael Stein, CEO of Genie Energy. “This
acquisition - through our Sunlight Energy investment vehicle – is
our first transaction involving operating solar assets and
complements our growing pipeline of solar generation projects in
various stages of development. We expect that this acquisition will
be immediately accretive to our bottom line.”
Sunlight Energy is a primary equity financing
vehicle both for Genie-originated and third-party-originated
commercial and community solar projects. Sunlight Energy’s initial
capitalization has been provided by Genie Energy, which serves as
the fund’s general partner. Third-party investors are invited to
participate as limited partners in Sunlight Energy’s project
equity.
Nir Ashpiz, CEO of Sunlight Energy, commented,
“The long-term, stable cash-flows generated by this particular
portfolio of solar generation projects are fairly representative of
the attractive development and acquisition opportunities available
across the solar generation industry. We look forward to putting
more capital to work on both development projects and generating
assets in the coming months.”
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 Ltd.:
Genie Energy Ltd. (NYSE: GNE) is a retail energy
and renewable energy solutions provider. The Genie Retail Energy
division supplies electricity, including electricity from renewable
resources, and natural gas to residential and small business
customers in the United States. The Genie Renewables division is a
vertically-integrated provider of commercial, community, and
utility-scale solar energy solutions. For more information, visit
Genie.com.
Sunlight Energy Investor Contact: Nir
Ashpiznir@sunlightinvest.com
Genie Energy Investor Contact:Brian Siegel IRC,
MBASenior Managing DirectorHayden IR(346)
396-8696brian@haydenir.com
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