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Genie Energy Ltd. (NYSE:GNE) announced that its subsidiary Sunlight Energy Investments has acquired a collection of 12 operational solar arrays.
These arrays, collectively generating 9.4 MW-DC, were purchased from the project developer, marking a significant expansion in Sunlight Energy's renewable portfolio. These solar arrays are strategically located to provide power to school facilities in Ohio and Michigan.
Covered under direct, long-term fixed-price solar power purchase agreements (PPAs), this acquisition not only expands Sunlight Energy's operational capacity but also grants them the first right of refusal for future projects by the developer.
"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," commented Michael Stein, CEO of Genie Energy.
"We look forward to putting more capital to work on both development projects and generating assets in the coming months," commented Nir Ashpiz, CEO of Sunlight Energy.
Price Action: GNE shares are trading higher by 0.95% at $25.57 on the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was Reviewed And Published By Benzinga Editors.
Posted In: GNE
