Sunlight Energy Investments Acquires an Additional Solar Project

NEWARK, NJ, March 21, 2024 (GLOBE NEWSWIRE) -- Sunlight Energy Investments (Sunlight Energy), a subsidiary of Genie Energy Ltd., (NYSE: GNE), a retail energy and renewable energy solutions provider, today announced that it has purchased a late-stage solar development project in Hamilton, Indiana from the project developer.

The array will supply power to the through direct fixed-price solar power purchase agreements (PPAs). The transaction follows Sunlight Energy’s purchase of a portfolio of 12 operational solar arrays serving educational facilities in Ohio and Michigan with an aggregate rating of 9.4 MW.

Nir Ashpiz, CEO of Sunlight Energy, said, “The Hamilton project acquisition fits perfectly with our growing portfolio of solar projects providing long-term, stable cash flows. Backed by Genie Energy’s robust balance sheet, we continue to scout for additional solar generation assets and projects with opportunities for participation from third-party investors.”

Sunlight Energy is an equity financing vehicle for commercial and community solar projects. Genie Energy, which serves as the fund's General Partner, has provided Sunlight Energy’s capitalization to date. Third-party investors are invited to participate as limited partners in Sunlight Energy’s project equity.

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 retail energy and renewable energy solutions provider. 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 Renewables division is a vertically-integrated provider of commercial, community, and utility-scale solar energy solutions. For more information, visit Genie.com.

Sunlight Energy Investor Contact: 

Nir Ashpiz

 

Genie Energy Investor Contact:

Brian Siegel IRC, MBA

Senior Managing Director

Hayden IR

(346) 396-8696

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