CPP Genie Community Solar, LLC (CPP Genie), a joint venture of Community Power Partners, a leading community solar customer acquisition firm, and Genie Energy, Ltd. (NYSE: GNE, GNEPRA), an independent retail energy supplier and provider of renewable energy solutions, today announced that it has signed agreements with Sunwealth, a clean energy investment firm, to subscribe and manage the participation of electricity customers for a community solar project administered under New Jersey’s Clean Energy Program.
New Jersey Board of Public Utilities has approved 164 MW of new community solar projects in the second year of the program, all of which are slated to serve low-to-moderate income households.
“We are very excited to expand into New Jersey from our home market of New York,” said CPP Genie Managing Director Michael Mollin. “We are especially excited to be offering subscriptions exclusively to low-to-moderate income households and to continue this work on New Jersey ‘Year 2’ projects when they start to get built and interconnected.”
Pursuant to its agreement with Sunwealth, CPPGenie will acquire and manage billing reconciliation for residential subscribers for a community solar project located on the grounds of the Blue Army Shrine in Franklin Township, New Jersey. The project was developed by Citrine Power, installed by Pfister Energy, and is owned and operated by Sunwealth.
“Genie Energy has been a leading retail supplier of ‘green’ electricity in New Jersey for over a decade, enabling tens of thousands of families and small businesses to contribute to a healthier environment with clean electricity,” said Alan Schwab, CEO of CityCom Solar, Genie Energy’s solar marketing division. “Now, we will use our clean energy marketplace expertise to bring the many advantages of clean, community solar-generated electricity to more families through New Jersey’s Clean Energy Program.”
Subscribers will receive credits from their local electricity supplier, Jersey Central Power & Light (JCPL), for power generated by the community solar project. The credits will be based on the project’s solar energy generation, which subscribers can purchase at a 20% discount. In addition to the cost savings for subscribers, the community solar project creates additional positive local economic impacts, such as landowner payments and increased tax revenue.
“The New Jersey Community Solar pilot program provides an exciting opportunity to bring clean energy savings to low- and moderate- income households and communities across New Jersey. Community strongholds like the Blue Army Shrine provide a strong foundation for future clean energy investments in both organizations and households across the State that stand to benefit from the growth of solar energy,” said Jonathan Abe, CEO of Sunwealth.
The project covered under the CCPGenie – Sunwealth agreement has an aggregate solar generating capacity of .68 megawatts. The clean solar energy it generates will offset an estimated 16,000 metric tons of carbon dioxide emissions – emissions that would have been produced if the electricity had been generated using fossil fuels.
According to the Solar Energy Industries Association (SEIA), as of June 2021, forty-one states hosted active solar projects with an installed base of 3.6 gigawatts. The SEIA forecasts that the U.S. community solar market will add over 4.3 gigawatts of additional capacity over the next five years.
About CPPGenie
CPPGenie is a joint venture between Genie Energy and Community Power Partners, a leading community solar customer acquisition firm based in New York. Community Power Partners is an affiliate of Matrix Solar Development, a community solar developer.
About Genie Energy Ltd.
Genie Energy Ltd. (NYSE: GNE, GNEPRA), is a provider of energy services. 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 Retail Energy International division supplies customers in selected markets in Scandinavia. Genie Renewables comprises Genie Solar Energy, a provider of end-to-end customized solar solutions primarily for commercial customers, Diversegy, a commercials energy consulting business, CityCom Solar, a provider of community solar energy solutions and Genie’s interest in Prism Solar, a supplier of solar panels and solutions. For more information, visit Genie.com.
About Community Power Partners, LLC
Community Power Partners (“CPP”) was launched in April 2018 in response to a market need for quality Community Solar Customer Acquisition, which became apparent when CPP’s affiliate company Matrix Solar Development beagn acquiring subscribers for its own portfolio. CPP rapidly grew beyond Matrix’s portfolio, and now serves multiple Community Solar Independent Power Producers and project management companies in New York and nationwide.
About Sunwealth
Sunwealth is a clean energy investment firm working to change who has access to renewable energy by changing the way we invest in it. Sunwealth helps people and organizations put their money to work in community-based solar projects that create clean energy and savings for communities, green jobs and revenues for local solar installers, and stable financial returns for investors. In 2021, Sunwealth was named to the ImpactAssets 50, a leading list of impact fund managers. Sunwealth’s portfolio includes more than 500 solar projects in 15 States + DC. Learn more at www.sunwealth.com.
Citrine Power: www.citrinepower.com
Pfister Energy: www.pfisterenergy.com
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.
