Retail Supplier Parent Acquires Portfolio Of Solar Projects

November 27, 2023

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Copyright 2010-23 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

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Sunlight Energy Investments (Sunlight Energy), a subsidiary of Genie Energy Ltd., announced that it has purchased a portfolio of 12 operating solar arrays with an aggregate rating of 9.4 MW-DC from the project developer.

The arrays supply power to on-site school facilities in Ohio and Michigan, and their production is covered under direct, long-term fixed-price solar power purchase agreements (PPAs). The sale also provides Sunlight Energy with the right of first refusal on the developer's future projects.

"We continue to leverage Genie's strong balance sheet and low cost of capital to build our Genie Renewables business," said Michael Stein, CEO of Genie Energy. "This acquisition - through our Sunlight Energy investment vehicle - is our first transaction involving operating solar assets and complements our growing pipeline of solar generation projects in various stages of development. We expect that this acquisition will be immediately accretive to our bottom line."

Sunlight Energy is a primary equity financing vehicle both for Genie-originated and third-party-originated commercial and community solar projects. Sunlight Energy's initial capitalization has been provided by Genie Energy, which serves as the fund's general partner. Third-party investors are invited to participate as limited partners in Sunlight Energy's project equity, Genie said

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