Expanding Renewable Reach: Genie Energy Acquires Operational Solar Arrays To Power Schools In Ohio And Michigan
Portfolio Pulse from Akanksha Bakshi
Genie Energy Ltd. (NYSE:GNE) has expanded its renewable energy portfolio through its subsidiary Sunlight Energy Investments by acquiring 12 operational solar arrays with a collective generation capacity of 9.4 MW-DC. These arrays, located in Ohio and Michigan, are under long-term fixed-price PPAs and are expected to be immediately accretive to Genie Energy's bottom line. The acquisition also includes the first right of refusal for future projects by the developer. GNE shares saw a slight increase of 0.95% to $25.57.
November 27, 2023 | 3:17 pm
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POSITIVE IMPACT
Genie Energy's acquisition of operational solar arrays is expected to be immediately accretive to earnings, signaling potential positive short-term impact on its stock price.
The acquisition of the solar arrays is directly related to Genie Energy's core business and expansion strategy in the renewable energy sector. The immediate accretive effect on the bottom line, as stated by the CEO, along with the strategic benefits of the first right of refusal for future projects, is likely to be viewed positively by investors. The slight increase in stock price following the announcement further supports the positive outlook.
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