Genie Energy And Community Power Partners Form Solar Joint Venture
Genie Energy has formed a joint venture with Community Power Partners (CPP) to launch CPP Genie Community Solar, LLC, aimed at enhancing community solar services in New York. This collaboration will provide customer aggregation and management for solar power producers participating in consolidated billing programs. Since its founding in 2018, CPP has enrolled over 70 MW in community solar, with significant growth in 2020. The partnership plans to initially serve National Grid's territory, leveraging their combined expertise in energy marketing and customer acquisition.
- Formation of CPP Genie Community Solar, LLC enhances customer aggregation for solar projects in New York.
- CPP has successfully enrolled over 70 MW in community solar projects since 2018, indicating strong market presence.
- The joint venture combines CPP's significant customer aggregation experience with CityCom Solar's marketing expertise.
- None.
NEW YORK, Dec. 16, 2020 /PRNewswire/ -- Community Power Partners, LLC ("CPP"), a rapidly growing community solar aggregation company, today announced a joint venture with Genie Energy, Ltd. subsidiary CityCom Solar, LLC ("CityCom Solar"), a marketer of community generated solar energy directly to end users throughout New York State.
The joint venture, CPP Genie Community Solar, LLC, will provide customer aggregation and management services to New York's independent solar power producers operating under the State's consolidated billing programs. Consolidated billing programs enable customers to receive credits from their electricity supplier for power generated by community solar programs.
"CPP is extremely excited to partner with CityCom Solar. Together, we will offer a comprehensive package of benefits to community solar producers operating through NYSERDA's NY-Sun program," said Michael Mollin, Co-Founder and Managing Director of Community Power Partners. "The venture will initially focus on serving community solar projects within the territory of National Grid, the first utility to offer consolidated billing through its community distributed generation initiative."
Since its inception in April of 2018, CPP has enrolled mass market community solar customers representing over 70 MW including over 60 MW enrolled during 2020. With deep customer aggregation, solar project development and financing knowledge, CPP has a track record of successfully enrolling mass market customers in New York's community solar projects.
CityCom Solar brings a team of energy industry veterans with extensive customer acquisition and marketing experience. "Given our long tenure of operations in New York State coupled with our experience working with CPP in the State's community solar effort, this partnership is a natural extension of our core capabilities as both a traditional energy supplier and community solar services provider," said Michael Stein, Genie Energy's Chief Executive Officer. "We look forward to working closely with the CPP team to develop new community solar projects and bring their many benefits to families and businesses across the State."
About Genie Energy Ltd.:
Genie Energy Ltd. (NYSE: GNE, GNEPRA), is a global provider of energy services. The Genie Retail Energy division supplies electricity, including electricity from renewable resources, and natural gas to residential and small business customers in the United States. The Genie Retail Energy International division supplies customers in Europe and Asia. The Genie Energy Services division includes Diversegy, a commercial and industrial brokerage and consultative services company, and Genie Solar Energy and Prism Solar, which design, supply and install commercial solar solutions. For more information, visit Genie.com.
ABOUT COMMUNITY POWER PARTNERS
CPP is the leading Community Solar Customer Aggregation Firm in New York. As an affiliate of Matrix Solar Development, a New York based Community Solar Developer, and stemming from professionals with over 60 years of combined experience in real estate development, energy sales and renewable energy development, CPP leverages their expertise to offer the most compelling and effective Community Solar Customer Aggregation product on the market.
Launched in April 2018 CPP was initially formed to fill a void in the Customer Aggregation space that became apparent during the due diligence process for Community Solar Customer Aggregation and Subscription Management for its own portfolio. Due to inefficiencies and strong demand in the market, CPP has since expanded its service offering to other Community Solar Developers, Subscription Management Companies and Asset Owners Nationwide. For more information, visit www.communitypowerpartners.com
ABOUT CityCom Solar, LLC
CityCom Solar, LLC is a subsidiary of Genie Energy, Ltd. (NYSE:GNE) offering subscription and marketing services to maximize the uptake of customers for Community Distributed Generation (CDG) projects throughout the United States. For more information, visit www.SolarSavingsForAll.com
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SOURCE Genie Energy Ltd.
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