Genie Energy closes on solar generation project financing

Genie Energy (GNE) has closed on a loan financing on a portfolio of operating solar generation assets. The $7.4 million fixed rate term loan secured through National Cooperative Bank provides project financing for a solar array portfolio rated for an aggregate 10MW. The arrays, which Genie purchased through its Sunlight Energy subsidiary during the past year, provide power to educational facilities in three Midwestern states through direct fixed-price solar power purchase agreements. At September 30, 2024, Genie Renewable’s development pipeline of 96 MW comprised two utility-scale projects under construction and an additional 17 projects in various stages of pre-construction development.