Genie Energy Closes on Solar Generation Project Financing

Core Viewpoint - Genie Energy Ltd. has successfully closed a $7.4 million fixed-rate term loan to finance a portfolio of solar generation assets, enhancing its solar generation strategy and financial performance [1][2][3]. Group 1: Financing Details - The loan, secured through National Cooperative Bank (NCB), is designated for a solar array portfolio with a total capacity of 10MW [2]. - The solar arrays were acquired through Genie’s Sunlight Energy subsidiary and are supplying power to educational facilities in three Midwestern states via fixed-price solar power purchase agreements (PPAs) [2]. Group 2: Company Strategy and Performance - CEO Michael Stein expressed satisfaction with the financing, noting that the solar assets have met revenue and profitability expectations since acquisition [3]. - The financing is expected to improve the return on equity for the solar arrays and is a crucial part of Genie Energy's solar generation strategy within its Genie Renewables division [3]. - As of September 30, 2024, Genie Renewables has a development pipeline of 96 MW, which includes two utility-scale projects under construction and 17 projects in various pre-construction stages [3]. Group 3: Company Overview - Genie Energy Ltd. is a prominent provider of retail energy and renewable energy solutions, supplying electricity and natural gas to residential and small business customers in the U.S. [5]. - The Genie Renewables division includes Genie Solar, which offers community and utility-scale solar energy solutions, and Diversegy, an energy procurement advisor [5].