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Retail Supplier Parent Closes on Solar Generation Project Financing
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Genie Energy Ltd. announced that it has closed on a loan financing for 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 10 MW.
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, "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.
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November 19, 2024
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Copyright 2024 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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