Sunlight Energy Investments, A Subsidiary Of Genie Energy Ltd., Acquires Portfolio Of Solar Projects Of 12 Operating Solar Arrays With An Aggregate Rating Of 9.4 MW-DC From The Project Developer; No Financial Terms Disclosed
Portfolio Pulse from Benzinga Newsdesk
Genie Energy Ltd.'s subsidiary, Sunlight Energy Investments, has acquired a portfolio of 12 operating solar arrays totaling 9.4 MW-DC from a project developer. These arrays, located in Ohio and Michigan, have long-term fixed-price PPAs with school facilities. The acquisition is expected to be immediately accretive to Genie Energy's bottom line. Sunlight Energy, which is primarily financed by Genie Energy, also obtained the right of first refusal on future projects from the developer.
November 27, 2023 | 1:36 pm
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POSITIVE IMPACT
Genie Energy Ltd. has expanded its renewable energy portfolio through its subsidiary Sunlight Energy with the acquisition of 12 solar arrays. This strategic move is anticipated to have an immediate positive effect on the company's financial performance.
The acquisition of the solar arrays is likely to be viewed positively by investors as it expands Genie Energy's renewable energy footprint and is expected to be accretive to earnings. The direct impact on Genie Energy's bottom line, along with the strategic benefits of having a right of first refusal on future projects, suggests a positive short-term impact on the stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90