Genie Energy Ltd. announced the closing of a $7.4 million fixed-rate term loan for a portfolio of operating solar generation assets. The financing was secured through National Cooperative Bank (NCB) and covers solar arrays with an aggregate capacity of 10MW. These assets, acquired via Genie's Sunlight Energy subsidiary, supply power to educational facilities in three Midwestern states through direct fixed-price power purchase agreements.
Michael Stein, CEO of Genie Energy, stated that this financing increases the arrays' return on equity and is a key component of the company's solar generation strategy within its Genie Renewables division. The company plans to continue utilizing project financing to optimize its capital structure, maximize equity returns, and increase capacity for new project development.
As of September 30, 2024, Genie Renewables' development pipeline included 96 MW of capacity, comprising two utility-scale projects under construction and an additional 17 projects in various stages of pre-construction development. This financing supports the company's ongoing expansion in the renewable energy sector.
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