Genie is Advancing a Robust Pipeline of
Community Solar Projects
NEWARK,
N.J., July 31, 2023 /PRNewswire/ -- Genie Energy
Ltd., (NYSE: GNE, GNEPRA), a leading retail energy and renewable
energy solutions provider, announced today that its Genie Solar subsidiary has achieved the notice
to proceed (NTP) for a 6.25-megawatt (DC) company-owned community
solar farm in Upstate New York.
"We're delighted to have advanced our Lansing, New York community solar project to
NTP, and look forward to initiating site preparation and
construction this fall," said Michael
Stein, CEO of Genie Energy. "Throughout this process, we
have worked with the input of local stakeholders including the
Lansing Planning Board and Tompkins
County Administrator to ensure that this project meets the
needs and concerns of the citizens of Lansing and neighboring communities."
The Lansing community solar
array is planned to include approximately 14,000 solar panels on
nearly 20 acres. Once operating, the array will generate
sufficient electricity to supply approximately one thousand local
homes. The project is scheduled for completion in 2024.
The start of power generation will be contingent upon testing of
the interconnection and final approval from the regional utility,
New York State Electricity and Gas
(NYSEG). Genie Solar intends
to be the long-term owner operator of the project.
"Our progress in Lansing
represents a significant milestone as we build out our solar
generation initiative.," Stein added. "Elsewhere, our
4-megawatt community solar farm in Perry,
New York, is under construction, and we are working to
advance development of our pipeline of early stage projects at
multiple sites in the Northeast and Midwest."
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.
About Genie Energy Ltd.:
Genie Energy Ltd., (NYSE:
GNE, GNEPRA) is a retail energy and renewable energy solutions
provider. 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 Renewables
division is a vertically-integrated provider of commercial,
community and utility-scale solar energy solutions. For more
information, visit Genie.com.
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SOURCE Genie Energy Ltd.