Genie Energy, a retail energy provider, obtained notice to proceed for a 4 MW community solar project in upstate New York and completed the interconnection review for its second project, also in upstate New York.
Construction of its 4 MW community solar project is scheduled to begin in Q1 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 Energy meanwhile has completed a Coordinated Electric System Interconnection Review (CESIR) for a 6 MW community solar project expected to achieve notice to proceed in early 2023. Both projects are being developed by solar affiliate Genie Solar Energy.
“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,” said Michael Stein, chief executive officer of Genie Energy. “We’ll utilize our own designed and manufactured solar panels and our retail arm will identify, enroll and manage the projects’ customers.”
Newark, New Jersey-based Genie Energy is a retail energy provider which provides electric and gas services to customers in 18 states and the District of Columbia and operates a vertically integrated solar development platform.
Subsidiary Genie Solar Energy operates a utility and community solar development business that develops, owns and operates solar projects ranging from 1 MW to 30 MW in size, for commercial, industrial and utility customers. Two affiliated companies, Prism Solar, and Sunlight Energy Investments, operate U.S.-made solar module production facilities and project financing solutions for the solar development business.
In Q3 22, the company acquired site rights to develop seven community solar projects with 34 MW of total capacity in New York, and 30 MW of additional projects in Pennsylvania, which it is advancing through permitting processes.
To date, Genie Solar has deployed commercial and industrial rooftop systems for Integra Biosciences (572 kW), Cardoza Flooring and Kraft Power (58 kW).
On the company’s recent Q3 22 earnings call Stein said, “we expect energy prices to remain volatile as we head into the Winter months, but we continue to be well-positioned from a risk management position and will return to customer acquisition mode on a market-by-market basis when the risk/reward balance is favorable.”
Genie Energy’s shares traded at $10.41 per share today and a $270 million market capitalization.
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