Retail Supplier Affiliate Obtains Site Rights To Solar Development Projects Totaling 64 Megawatts
September 20, 2022 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • firstname.lastname@example.org
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Genie Renewables ("GREW"), a division of Genie Energy Ltd. ("Genie"), announced that it now owns site rights to solar generation projects with an aggregate of 64 MW in New York and Pennsylvania.
Genie said that, 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.
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, Genie said. 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.
"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."
"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," said Nir Ashpiz, chief executive officer of Sunlight Energy.