Receives Favorable CESIR on Separate Community
Solar Project Downstate
NEWARK,
N.J., March 27, 2023 /PRNewswire/ -- Genie
Renewables ("GREW"), a division of Genie Energy Ltd., (NYSE: GNE,
GNEPRA), ("Genie") a leading supplier of energy services, today
announced that it has acquired site rights to a community solar
generation site in Upstate New York. Once built out and brought
online, the proposed project is expected to have an aggregate
generating capacity of approximately 6.25 megawatts (MW).
"Community solar and other utility-scale solar generation are
essential to meaningful reductions in carbon emissions," said
Michael Stein, chief executive
officer of Genie Energy. "Now, improved economics are driving
strong project demand in our current markets and energizing
implementation of solar generation initiatives in new markets
across the country."
Genie Renewables also announced that it received a favorable
CESIR (Coordinated Electric System Interconnection Review) and
estimate of interconnection cost from Con-Ed for its 3 MW proposed
community solar project in Downstate New York. The company expects
to receive its Notice To Proceed and begin construction in the
coming months subject to negotiating a land lease and obtaining
local permits.
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.