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Sunlight Energy, part of US energy retailer and renewables firm Genie Energy Ltd (NYSE:GNE), on Monday announced the acquisition of a 9.4-MW DC portfolio of solar arrays supplying their output to school facilities in Ohio and Michigan.
The bundle consists of 12 photovoltaic (PV) plants operating under direct, long-term fixed-price solar power purchase agreements (PPAs). The assets were purchased from their developer for an undisclosed sum.
The sale also provides Sunlight Energy with the right of first refusal on the developer’s future projects.
“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,” said Michael Stein, CEO of Genie Energy. According to him, the deal will start adding immediately to the company’s bottom line.
Sunlight Energy was set up by Genie as an environmental, social and governance (ESG) investment focusing on equity financing for commercial and industrial (C&I) and community solar projects.
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