Genie Energy Closes on Solar Generation Project Financing
Genie Energy (NYSE: GNE) has secured a $7.4 million fixed rate term loan through National Cooperative Bank for financing a portfolio of operating solar generation assets. The portfolio consists of solar arrays with a combined capacity of 10MW, which provide power to educational facilities across three Midwestern states through fixed-price solar power purchase agreements (PPAs).
The company acquired these assets through its Sunlight Energy subsidiary over the past year. The financing is expected to increase the arrays' return on equity and supports Genie's broader solar generation strategy. As of September 30, 2024, Genie Renewable's development pipeline of 96 MW includes two utility-scale projects under construction and 17 projects in pre-construction development.
Genie Energy (NYSE: GNE) ha ottenuto un prestito a termine a tasso fisso di 7,4 milioni di dollari attraverso la National Cooperative Bank per finanziare un portafoglio di impianti di generazione solare operativi. Il portafoglio consiste in pannelli solari con una capacità combinata di 10 MW, che forniscono energia a strutture educative in tre stati del Midwest tramite contratti di acquisto di energia solare a prezzo fisso (PPA).
L'azienda ha acquisito questi beni tramite la sua filiale Sunlight Energy nell'ultimo anno. Il finanziamento è previsto per aumentare il rendimento del capitale investito degli impianti e sostiene la strategia più ampia di generazione solare di Genie. Alla data del 30 settembre 2024, il pipeline di sviluppo di Genie Renewable di 96 MW include due progetti su scala utility in fase di costruzione e 17 progetti in fase di sviluppo pre-costruzione.
Genie Energy (NYSE: GNE) ha asegurado un préstamo a plazo fijo de 7,4 millones de dólares a través del National Cooperative Bank para financiar un portafolio de activos de generación solar en operación. El portafolio consiste en paneles solares con una capacidad combinada de 10 MW, que proporcionan energía a instalaciones educativas en tres estados del Medio Oeste mediante contratos de compra de energía solar a precio fijo (PPA).
La empresa adquirió estos activos a través de su filial Sunlight Energy durante el último año. Se espera que el financiamiento aumente el rendimiento sobre el capital de los paneles y respalde la estrategia más amplia de generación solar de Genie. Hasta el 30 de septiembre de 2024, la cartera de desarrollo de Genie Renewable de 96 MW incluye dos proyectos a escala de servicios públicos en construcción y 17 proyectos en desarrollo previo a la construcción.
지니 에너지 (NYSE: GNE)는 740만 달러의 고정금리 대출을 내셔널 코오퍼레이티브 뱅크를 통해 확보하여 운영 중인 태양광 발전 자산 포트폴리오를 금융 지원합니다. 이 포트폴리오는 10MW의 총 용량을 가진 태양광 패널로 구성되어 있으며, 고정 가격의 태양광 구매 계약(PPA)을 통해 중서부의 세 개 주에 있는 교육 시설에 전력을 공급합니다.
회사는 지난 1년 동안 자회사인 선라이트 에너지를 통해 이러한 자산을 인수했습니다. 이 자금 조달은 패널의 자기자본 수익률을 증가시킬 것으로 예상되며, 지니의 더 광범위한 태양광 발전 전략을 지원합니다. 2024년 9월 30일 기준, 지니 재생 에너지의 개발 파이프라인 96 MW는 두 개의 유틸리티 규모 프로젝트가 건설 중이며, 17개 프로젝트가 건설 이전 개발 상태에 있습니다.
Genie Energy (NYSE: GNE) a obtenu un prêt à taux fixe de 7,4 millions de dollars via la National Cooperative Bank pour financer un portefeuille d'actifs de production solaire opérationnels. Le portefeuille se compose de panneaux solaires avec une capacité totale de 10 MW, qui fournissent de l'énergie à des établissements éducatifs dans trois États du Midwest à travers des contrats d'achat d'énergie solaire à prix fixe (PPA).
L'entreprise a acquis ces actifs par l'intermédiaire de sa filiale Sunlight Energy au cours de l'année dernière. Le financement devrait augmenter le rendement des capitaux propres des installations et soutenir la stratégie de production solaire plus large de Genie. Au 30 septembre 2024, le pipeline de développement de Genie Renewable de 96 MW comprend deux projets à grande échelle en construction et 17 projets en développement pré-construction.
Genie Energy (NYSE: GNE) hat ein Festzins-Darlehen in Höhe von 7,4 Millionen Dollar über die National Cooperative Bank gesichert, um ein Portfolio betrieblicher Solarstromerzeugungsanlagen zu finanzieren. Das Portfolio besteht aus Solaranlagen mit einer Gesamtkapazität von 10 MW, die Bildungsstätten in drei Bundesstaaten des Mittleren Westens über festgelegte Solarstromabnahmeverträge (PPAs) mit Energie versorgen.
Das Unternehmen hat diese Anlagen im letzten Jahr über seine Tochtergesellschaft Sunlight Energy erworben. Die Finanzierung wird voraussichtlich die Eigenkapitalrendite der Anlagen erhöhen und unterstützt Genies umfassendere Solarstromstrategie. Bis zum 30. September 2024 umfasst das Entwicklungspipeline von Genie Renewable 96 MW, darunter zwei Projekte im Bau und 17 Projekte in der Vor-Bau-Entwicklung.
- Secured $7.4 million fixed rate term loan for solar assets
- Operating solar portfolio generating revenue and profitability as expected
- 96 MW development pipeline with multiple projects under construction
- Financing structure expected to increase return on equity
- None.
Insights
The
The PPA-backed solar arrays serving educational facilities provide stable, predictable revenue streams, reducing investment risk. Project financing leverages these assets efficiently, improving ROE while preserving capital for the substantial development pipeline. This financing model, if replicated across future projects, could significantly enhance overall portfolio returns while managing balance sheet exposure.
NEWARK, NJ, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Genie Energy Ltd., (NYSE: GNE), a retail energy and renewable energy solutions provider, today announced that it has closed on a loan financing on a portfolio of operating solar generation assets.
The
Michael Stein, CEO of Genie Energy, commented, “I am very pleased to complete the financing of this portfolio. 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.
In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate, “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.
About Genie Energy Ltd.:
Genie Energy Ltd., (NYSE: GNE) is a leading retail energy and renewable energy solutions provider. The Genie Retail Energy division (GRE) supplies electricity, including electricity from renewable resources, and natural gas to residential and small business customers in the United States. The Genie Renewables division's (GREW) holdings include Genie Solar, a vertically-integrated provider of community and utility-scale solar energy solutions, and Diversegy, an energy procurement advisor. For more information, visit Genie.com.
Contact
Genie Energy Investor Relations
Bill Ulrey
P. (973) 738-3848
E-mail: invest@genie.com
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