Genie Energy Closes on Solar Generation Project Financing

Rhea-AI Summary

Genie Energy (NYSE: GNE) has secured a $7.4 million fixed rate term loan through National Cooperative Bank for financing a portfolio of operating solar generation assets. The portfolio consists of solar arrays with a combined capacity of 10MW, which provide power to educational facilities across three Midwestern states through fixed-price solar power purchase agreements (PPAs).

The company acquired these assets through its Sunlight Energy subsidiary over the past year. The financing is expected to increase the arrays' return on equity and supports Genie's broader solar generation strategy. As of September 30, 2024, Genie Renewable's development pipeline of 96 MW includes two utility-scale projects under construction and 17 projects in pre-construction development.

Positive

• Secured $7.4 million fixed rate term loan for solar assets
• Operating solar portfolio generating revenue and profitability as expected
• 96 MW development pipeline with multiple projects under construction
• Financing structure expected to increase return on equity

Negative

• None.

NEWARK, NJ, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Genie Energy Ltd., (NYSE: GNE), a retail energy and renewable energy solutions provider, today announced that it has closed on a loan financing on a portfolio of operating solar generation assets.

The $7.4 million fixed rate term loan secured through National Cooperative Bank (NCB) provides project financing for a solar array portfolio rated for an aggregate 10MW. The arrays, which Genie purchased through its Sunlight Energy subsidiary during the past year, provide power to educational facilities in three Midwestern states through direct fixed-price solar power purchase agreements (PPAs).

Michael Stein, CEO of Genie Energy, commented, “I am very pleased to complete the financing of this portfolio. These assets have generated revenue and profitability in line with expectations since we acquired them. The financing provided by NCB increases the arrays’ return on equity and more broadly, represents a key element of our solar generation strategy within our Genie Renewables division. We expect to continue to utilize project financing to optimize our capital structure, maximize equity returns, increase capacity for new product development and enhance profitability for projects we develop or acquire going forward.”

At September 30, 2024, Genie Renewable's development pipeline of 96 MW comprised two utility-scale projects under construction and an additional 17 projects in various stages of pre-construction development.

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 leading retail energy and renewable energy solutions provider. The Genie Retail Energy division (GRE) supplies electricity, including electricity from renewable resources, and natural gas to residential and small business customers in the United States. The Genie Renewables division's (GREW) holdings include Genie Solar, a vertically-integrated provider of community and utility-scale solar energy solutions, and Diversegy, an energy procurement advisor. For more information, visit Genie.com.

Contact
Genie Energy Investor Relations
Bill Ulrey
P. (973) 738-3848
E-mail: invest@genie.com 

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FAQ

What is the size of Genie Energy's (GNE) recently financed solar portfolio?

The solar array portfolio has an aggregate capacity of 10MW.

How much project financing did Genie Energy (GNE) secure from National Cooperative Bank?

Genie Energy secured a $7.4 million fixed rate term loan from National Cooperative Bank.

What is the current size of Genie Energy's (GNE) development pipeline as of September 2024?

As of September 30, 2024, Genie Energy's development pipeline comprises 96 MW, including two utility-scale projects under construction and 17 projects in pre-construction development.

How are Genie Energy's (GNE) solar arrays being utilized in the Midwest?

The solar arrays provide power to educational facilities across three Midwestern states through direct fixed-price solar power purchase agreements (PPAs).