Recently acquired the site rights for a
planned 30 megawatts (MW) utility-scale solar generation project in
Pennsylvania
Holds site exclusivity on seven projects
totaling 34 MW of community solar generation projects in
New York
NEWARK,
N.J., Sept. 20, 2022 /PRNewswire/ -- Genie
Renewables ("GREW"), a division of Genie Energy Ltd., (NYSE: GNE,
GNEPRA), ("Genie") a leading supplier of energy services, today
announced that it now owns site rights to solar generation projects
with an aggregate of 64 MW in New
York and Pennsylvania.
"Solar generation capacity in the
United States has doubled over the past five years and is
expected to double again over the next five," said Michael Stein, chief executive officer of Genie.
"In light of these abundant opportunities, our strategy to leverage
our strong balance sheet, robust execution capabilities and
management expertise to pursue larger-scale solar generation
projects is getting good traction in the solar project marketplace.
As a result, we expect to create significant mid and long-term
shareholder value as we execute and achieve critical milestones for
projects in our solar generation pipeline."
In Pennsylvania, a planned 30
MW utility-scale solar project has passed significant early-stage
development milestones, including:
- Securing a long-term site leasing option
- Completing preliminary design
Survey work for permit applications is ongoing, and Genie
expects to achieve commercialization during 2024.
Genie Energy's solar investment subsidiary, Sunlight Energy
Investments, LP ("Sunlight Energy") financed the acquisition of the
Pennsylvania project's site
rights.
"By acquiring the site rights for this project, Genie stands to
benefit in the earlier stages through the incentives from the
Inflation Reduction Act targeted at solar power generation. These
will allow Genie to recoup a meaningful portion of its investment
in the year that the project goes live. Over the long-term, this
project will provide Sunlight Energy's investors with attractive,
durable returns," said Nir Ashpiz, chief executive officer of
Sunlight Energy.
In addition to the Pennsylvania
project, GREW, through its Genie
Solar subsidiary, recently secured site exclusivity in
New York to build seven community
solar projects totaling 34 MW. The Company has already achieved
various critical milestones in each project to bring them closer to
construction. GREW expects to obtain the notices to proceed and
begin construction on these projects as early as the first half of
2023. These projects are separate from the backlog of commercial
and industrial scale installation of third-party projects Genie's
management has previously disclosed on its recent earnings
calls.
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.