Sunlight Energy, a subsidiary of US energy retailer and renewables company Genie Energy Ltd, has completed the acquisition of a 9.4-MW DC portfolio comprising 12 solar arrays. The solar facilities supply their generated power to school facilities in Ohio and Michigan under direct, long-term fixed-price solar power purchase agreements (PPAs). The assets were purchased from the developer, with the transaction amount undisclosed.
This marks Sunlight Energy's inaugural transaction involving operating solar assets, aligning with the company's focus on equity financing for commercial and industrial (C&I) and community solar projects.
The acquisition includes the added benefit of a right of first refusal on the developer's future projects. Genie Energy CEO Michael Stein highlighted that the deal will contribute immediately to the company's bottom line.
Established by Genie Energy as an environmental, social, and governance (ESG) investment vehicle, Sunlight Energy continues to grow its pipeline of solar generation projects in various stages of development.
