Notice to proceed expected for a second
project in early 2023
NEWARK,
N.J., Dec. 6, 2022 /PRNewswire/ -- Genie Energy
Ltd., (NYSE: GNE, GNEPRA), a leading retail energy and renewable
energy solutions provider, provided an update on two company-owned
community solar projects totaling 10 megawatts of generation
capacity.
Genie Energy's Genie Solar
subsidiary has obtained the notice to proceed (NTP) for its first
company-owned project, a 4-megawatt community solar farm in Upstate
New York.
"This is a major milestone for our vertically-integrated solar
strategy, and we're delighted to receive the NTP for our first
company-owned community solar farm," said Michael Stein, CEO of Genie Energy. "The
environmental benefit and the economics driving the development of
community solar are compelling for the customers and the
generators, and we expect to expand from this initial project to
additional sites in the coming months."
Construction of the ground-mount project is scheduled to begin
in the first quarter of 2023. Once construction is completed,
the start of generation will be contingent upon testing of the
interconnection and final approval from the regional utility.
Genie Solar has also completed a
Coordinated Electric System Interconnection Review (CESIR) for a
second company-owned community solar project in upstate
New York and expects to achieve
the NTP in early 2023. This 6-megawatt community solar project is
also slated for construction in 2023.
Stein added, "Community solar plays to Genie's strengths as an
integrated solar provider. In our first two projects, we not only
obtained control of the sites and are overseeing permitting, we are
also financing and managing the construction of the projects.
We'll utilize our own designed and manufactured solar panels and
our retail arm will identify, enroll and manage the projects'
customers.
"This vertically-integrated approach enables us to capture
significantly more of each project's realizable economics while
delivering a superior value to our customers," Stein concluded.
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, GNEPRA) 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.
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SOURCE Genie Energy Ltd.