Sunlight Energy Investments (Sunlight Energy), a subsidiary of Genie Energy Ltd. (Genie), has purchased a portfolio of 12 operating solar arrays with an aggregate rating of 9.4 MW-DC from the project developer.
The arrays supply power to on-site school facilities in Ohio and Michigan, and their production is covered under direct, long-term, fixed-price solar power purchase agreements. The sale also provides Sunlight Energy with the right of first refusal on the developer’s future projects.
“We continue to leverage Genie’s strong balance sheet and low cost of capital to build our Genie Renewables business,” said Michael Stein, chief executive officer of Genie. “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.”
Sunlight Energy is a primary equity financing vehicle both for Genie-originated and third party-originated commercial and community solar projects. Sunlight Energy’s initial capitalization has been provided by Genie, which serves as the fund’s general partner. Genie 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.
