Genie Renewables announced it owns site rights to solar projects with an aggregate of 64 MW in New York and Pennsylvania.
Genie Renewables said its 30 MW solar power project in Pennsylvania has passed development milestones, including a long-term site leasing option and preliminary design.
Survey work for permit applications is ongoing, and Genie expects to achieve commercialization during 2024.
Genie Energy’s solar investment subsidiary, Sunlight Energy Investments, financed the acquisition of the Pennsylvania project’s site rights.
“By acquiring the site rights for this project, Genie stands to benefit in the earlier stages through the incentives from the Inflation Reduction Act targeted at solar power generation. These will allow Genie to recoup a meaningful portion of its investment in the year that the project goes live,” said Nir Ashpiz, chief executive officer of Sunlight Energy.
In addition to the Pennsylvania project, GREW, through its Genie Solar subsidiary, recently secured site exclusivity in New York to build seven community solar projects totaling 34 MW.
GREW expects to obtain the notices to proceed and begin construction on these projects as early as the first half of 2023. These projects are separate from the backlog of installation of third-party projects Genie’s management has previously disclosed on its recent earnings calls.