Energy solutions provider Genie Energy has closed on a loan financing for a portfolio of operating solar generation assets.
The $7.4 million fixed rate term loan secured through National Cooperative Bank (NCB) provides project financing for a solar array portfolio rated for an aggregate 10 MW. 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 PPA.
“I am very pleased to complete the financing of this portfolio,” says Michael Stein, CEO of Genie Energy.
“These assets have generated revenue and profitability in line with expectations since we acquired them. The financing provided by NCB increases the arrays’ return on equity and more broadly, represents a key element of our solar generation strategy within our Genie Renewables division. We expect to continue to utilize project financing to optimize our capital structure, maximize equity returns, increase capacity for new product development and enhance profitability for projects we develop or acquire going forward.”
