Home > News > Top Stories > Genie Solar Achieves Notice to Proceed with Construction of Its First Company-Owned, Community Solar Generation Project

Energy,Economy,Industry Updates

Genie Solar Achieves Notice to Proceed with Construction of Its First Company-Owned, Community Solar Generation Project

genie-solar-achieves-notice
Genie Energy Ltd.,a leading retail energy and renewable energy solutions provider, provided an update on two company-owned community solar projects totaling 10 megawatts of generation capacity.

Genie Energy's Genie Solar subsidiary has obtained the notice to proceed (NTP) for its first company-owned project, a 4-megawatt community solar farm in Upstate New York.

"This is a major milestone for our vertically-integrated solar strategy, and we're delighted to receive the NTP for our first company-owned community solar farm,The environmental benefit and the economics driving the development of community solar are compelling for the customers and the generators, and we expect to expand from this initial project to additional sites in the coming months."

Michael Stein, CEO of Genie Energy.

Construction of the ground-mount project is scheduled to begin in the first quarter of 2023.  Once construction is completed, the start of generation will be contingent upon testing of the interconnection and final approval from the regional utility.

Genie Solar has also completed a Coordinated Electric System Interconnection Review (CESIR) for a second company-owned community solar project in upstate New York and expects to achieve the NTP in early 2023. This 6-megawatt community solar project is also slated for construction in 2023.

Stein added, "Community solar plays to Genie's strengths as an integrated solar provider. In our first two projects, we not only obtained control of the sites and are overseeing permitting, we are also financing and managing the construction of the projects.  We'll utilize our own designed and manufactured solar panels and our retail arm will identify, enroll and manage the projects' customers.

"This vertically-integrated approach enables us to capture significantly more of each project's realizable economics while delivering a superior value to our customers," Stein concluded.

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.  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.

Spotlight

More featured news

Spotlight

Related News

Sustainability

AstraZeneca Fuels Net-Zero Carbon Future with 15-year Partnership

AstraZeneca | September 15, 2023

AstraZeneca has established a 15-year partnership with Future Biogas. AstraZeneca's collaboration with Future Biogas serves as a blueprint for the commercial adoption of renewable gas in the UK. Operational by early 2025, the biomethane facility will provide 100 GWh of energy annually to AstraZeneca sites in the UK. AstraZeneca is taking significant steps to drive its transition to a net-zero carbon future. The company has forged a 15-year partnership with Future Biogas, marking a milestone in the UK's sustainable energy landscape. This collaboration aims to establish the UK's first industrial-scale, unsubsidized supply of biomethane gas and investments to enhance energy efficiency across its operations, culminating in a total commitment of £100 million. The biomethane facility will become operational in early 2025 and will provide energy to AstraZeneca's sites in Macclesfield, Cambridge, Luton, and Speke with an annual supply of 100 gigawatt hours (GWh). Notably, this partnership is projected to slash emissions by approximately 20,000 tonnes of CO2 equivalent (CO2e) while adding renewable energy capacity to the national gas grid. The introduction of the anaerobic digestion facility and the long-term alliance with Future Biogas serve as a model for the commercial adoption of renewable gas within the UK. This endeavor will be pivotal in advancing the country's journey toward net-zero emissions by fostering a competitive biomethane market. Furthermore, AstraZeneca is taking measures to support the transition to clean heat in the UK. Notably, substantial energy efficiency improvements are planned for the Macclesfield campus, the UK's largest medicines development and manufacturing site. These enhancements include a major overhaul of the site's combined heat and power plant (CHP), which is expected to save an additional 16,000 tonnes of CO2e annually. Concurrently, the company will upgrade buildings and refine the production and packaging processes for medicines to further reduce greenhouse gas (GHG) emissions. These efficiency initiatives will ensure the long-term sustainability of the Macclesfield campus, which plays a vital role in delivering medicines to over 130 countries, totaling more than 90 million packs. AstraZeneca's transition to 100% renewable energy is a central component of its flagship Ambition Zero Carbon program. The program is dedicated to achieving deep decarbonization by cutting the company's entire value chain footprint (Scopes 1 to 3) in half by 2030 and attaining science-based net-zero status by 2045 at the latest. The company is well on track to achieve a remarkable 98% reduction in GHG emissions from its global operations (Scopes 1 and 2) by 2026. The new facility will rely on locally sourced crops as feedstock and actively support farms practicing sustainable land management. This approach will foster the development of a circular agricultural economy, with bioenergy crops cultivated as part of diverse crop rotations, complemented by regenerative agriculture practices that promote nutrient cycling and enhance soil health. Renewable Gas Guarantee of Origin (RGGO) certificates will be transferred to AstraZeneca to avoid double counting of emissions reductions. Moreover, the plant will be equipped with bioenergy carbon capture and storage capability (BECCS), offering the potential for carbon-negative operation. AstraZeneca's aim is to sequester carbon through the 'Northern Lights' project in Norway, a joint venture involving industry stakeholders and supported by the Norwegian Government. This latest commitment to renewable energy in the UK follows other innovative partnerships unveiled earlier this year. In the US, the company is collaborating with Vanguard Renewables to enable the supply of biomethane to all its US sites by the end of 2026. Additionally, AstraZeneca has entered into an agreement with Statkraft, Europe's largest renewable energy producer, to increase the supply of renewable electricity in Sweden.

Read More

Solar+Storage

ComEd and SunVest Solar Power up Community Solar in Northern Illinois

ComEd | October 13, 2023

ComEd and SunVest Solar completed four new community solar projects in northern Illinois. Community solar allows ComEd customers to access clean energy without installing solar panels. Illinois' Climate and Equitable Jobs Act (CEJA) aims to increase renewable energy support. ComEd and SunVest Solar have recently announced the successful completion of four new community solar projects located in northern Illinois, with two projects in Dekalb and another two in Freeport. This development marks a significant milestone as it brings the total number of community solar projects within the ComEd service territory to 88. This initiative empowers ComEd customers to enjoy reduced electricity costs and contributes to the broader objectives of expanding renewable energy and advancing Illinois' clean energy goals. The two community solar farms established by SunVest in Dekalb span an impressive 24 acres along Gurler Road and are adorned with more than 9,400 solar panels. Similarly, the two innovative solar farms located in Freeport extend to 23 acres on South Cranes Grove Road, housing more than 11,650 solar panels. Together, these four solar installations possess a combined generation capacity of 12 megawatts (MW) of clean energy, which equates to providing electricity for nearly 1,700 typical Illinois households. Community solar offers a unique opportunity for all ComEd customers to reap the benefits of clean solar energy, all without the need to invest in solar panels for their own. Participants subscribe to a solar energy farm owned by an independent developer and, in return, receive credits on their monthly ComEd bills corresponding to the energy generated by their share of the project. This generated energy flows into ComEd's grid, contributing to the overall energy supply. Typically, customers subscribe to an amount of electricity that offsets their annual consumption. In most cases, ComEd customers can subscribe to a community solar project within the ComEd region, provided it is not already fully subscribed. Additionally, ComEd has recently launched a user-friendly community solar calculator. This tool assists customers in determining the most suitable subscription size, providing estimates of costs and potential savings. The Climate and Equitable Jobs Act (CEJA) of Illinois, enacted in 2021, increases support for renewable energy to achieve 40 percent by 2030 and 50 percent by 2040. It creates approximately 9,800 megawatts of new solar capacity and a substantial increase in funding for the Illinois Solar for All program. This program, which extends access to solar power for lower-income customers, has seen its annual funding rise from $30 million to $70 million. ComEd presented multi-year grid and rate plans to the Illinois Commerce Commission earlier this year in line with this legislation. These plans are instrumental in accelerating the expansion of renewable energy and ensuring that all communities have equitable access to the benefits of clean energy as per the stipulations of CEJA. These plans are aligned with ComEd 2030, the company's recently announced vision for a carbon-free energy future. This vision promises to cater to the evolving needs of customers and deliver benefits to all communities for the remainder of this decade and beyond.

Read More

Solar+Storage

Xylem and LORENTZ Unite to Expand Solar-Powered Pumping Solutions

Xylem Inc. | September 22, 2023

Xylem Inc. and LORENTZ have entered into a strategic distribution agreement. The collaboration accelerates the adoption of renewable energy sources for water management, contributing to a more sustainable and cost-effective approach. The partnership enhances Xylem's product portfolio with innovative technology, advancing decarbonization in the water sector. Xylem Inc., a prominent global water technology solutions provider, and LORENTZ, a renowned German manufacturer specializing in solar water pumps, have jointly announced a strategic distribution agreement aimed at expanding the global accessibility of solar-powered pumping systems. These innovative and sustainable pumping solutions find widespread use in agriculture, irrigation, and drinking water applications. They play a pivotal role in enabling water managers to address decarbonization objectives while simultaneously reducing operational expenses. The escalating frequency of climate-related droughts and extreme weather events has placed considerable strain on water resources, compelling communities to seek solutions that not only ensure a consistent water supply but also facilitate the transition to cleaner and more energy-efficient systems. Solar-driven pumping technology harnesses renewable energy sources to deliver sustainable and dependable water solutions, even in remote and off-grid locations. This strategic collaboration represents a significant expansion and enhancement of the sustainable pumping offerings from both Xylem and LORENTZ. Under the terms of this agreement, Xylem will leverage the combined strengths of both companies' solutions, with LORENTZ providing solar-powered and solar/grid hybrid pumping systems to Xylem. Furthermore, LORENTZ's cutting-edge technology will augment solutions in Xylem's existing product portfolio, and the two organizations will work in sync to develop innovative new products under the Xylem brand. Notably, both Xylem and LORENTZ will continue to serve their respective market segments and uphold their existing distribution networks. Franz Cerwinka, Senior Vice President and President of Applied Water Systems and Business Transformation at Xylem commented, Innovative technologies offer new ways to protect and optimize water while reducing greenhouse gas emissions. LORENTZ's technology is a perfect example. [Source – Business Wire] He further explained that this collaboration offers Xylem's customers novel sustainable pumping solutions, assisting them in achieving decarbonization goals and implementing cost-effective, efficient, and resilient water management practices. Bernt Lorentz, LORENTZ's founder and chief executive, stated that the movement of liquids constituted a highly energy-intensive activity. Employing solar power and solar/grid hybrid connections could aid customers in pursuing their sustainable energy objectives through the use of renewable energy sources. Lorentz further expressed enthusiasm about teaming up with Xylem to contribute to the acceleration of the water sector's progress toward achieving net-zero emissions.

Read More

Sustainability

AstraZeneca Fuels Net-Zero Carbon Future with 15-year Partnership

AstraZeneca | September 15, 2023

AstraZeneca has established a 15-year partnership with Future Biogas. AstraZeneca's collaboration with Future Biogas serves as a blueprint for the commercial adoption of renewable gas in the UK. Operational by early 2025, the biomethane facility will provide 100 GWh of energy annually to AstraZeneca sites in the UK. AstraZeneca is taking significant steps to drive its transition to a net-zero carbon future. The company has forged a 15-year partnership with Future Biogas, marking a milestone in the UK's sustainable energy landscape. This collaboration aims to establish the UK's first industrial-scale, unsubsidized supply of biomethane gas and investments to enhance energy efficiency across its operations, culminating in a total commitment of £100 million. The biomethane facility will become operational in early 2025 and will provide energy to AstraZeneca's sites in Macclesfield, Cambridge, Luton, and Speke with an annual supply of 100 gigawatt hours (GWh). Notably, this partnership is projected to slash emissions by approximately 20,000 tonnes of CO2 equivalent (CO2e) while adding renewable energy capacity to the national gas grid. The introduction of the anaerobic digestion facility and the long-term alliance with Future Biogas serve as a model for the commercial adoption of renewable gas within the UK. This endeavor will be pivotal in advancing the country's journey toward net-zero emissions by fostering a competitive biomethane market. Furthermore, AstraZeneca is taking measures to support the transition to clean heat in the UK. Notably, substantial energy efficiency improvements are planned for the Macclesfield campus, the UK's largest medicines development and manufacturing site. These enhancements include a major overhaul of the site's combined heat and power plant (CHP), which is expected to save an additional 16,000 tonnes of CO2e annually. Concurrently, the company will upgrade buildings and refine the production and packaging processes for medicines to further reduce greenhouse gas (GHG) emissions. These efficiency initiatives will ensure the long-term sustainability of the Macclesfield campus, which plays a vital role in delivering medicines to over 130 countries, totaling more than 90 million packs. AstraZeneca's transition to 100% renewable energy is a central component of its flagship Ambition Zero Carbon program. The program is dedicated to achieving deep decarbonization by cutting the company's entire value chain footprint (Scopes 1 to 3) in half by 2030 and attaining science-based net-zero status by 2045 at the latest. The company is well on track to achieve a remarkable 98% reduction in GHG emissions from its global operations (Scopes 1 and 2) by 2026. The new facility will rely on locally sourced crops as feedstock and actively support farms practicing sustainable land management. This approach will foster the development of a circular agricultural economy, with bioenergy crops cultivated as part of diverse crop rotations, complemented by regenerative agriculture practices that promote nutrient cycling and enhance soil health. Renewable Gas Guarantee of Origin (RGGO) certificates will be transferred to AstraZeneca to avoid double counting of emissions reductions. Moreover, the plant will be equipped with bioenergy carbon capture and storage capability (BECCS), offering the potential for carbon-negative operation. AstraZeneca's aim is to sequester carbon through the 'Northern Lights' project in Norway, a joint venture involving industry stakeholders and supported by the Norwegian Government. This latest commitment to renewable energy in the UK follows other innovative partnerships unveiled earlier this year. In the US, the company is collaborating with Vanguard Renewables to enable the supply of biomethane to all its US sites by the end of 2026. Additionally, AstraZeneca has entered into an agreement with Statkraft, Europe's largest renewable energy producer, to increase the supply of renewable electricity in Sweden.

Read More

Solar+Storage

ComEd and SunVest Solar Power up Community Solar in Northern Illinois

ComEd | October 13, 2023

ComEd and SunVest Solar completed four new community solar projects in northern Illinois. Community solar allows ComEd customers to access clean energy without installing solar panels. Illinois' Climate and Equitable Jobs Act (CEJA) aims to increase renewable energy support. ComEd and SunVest Solar have recently announced the successful completion of four new community solar projects located in northern Illinois, with two projects in Dekalb and another two in Freeport. This development marks a significant milestone as it brings the total number of community solar projects within the ComEd service territory to 88. This initiative empowers ComEd customers to enjoy reduced electricity costs and contributes to the broader objectives of expanding renewable energy and advancing Illinois' clean energy goals. The two community solar farms established by SunVest in Dekalb span an impressive 24 acres along Gurler Road and are adorned with more than 9,400 solar panels. Similarly, the two innovative solar farms located in Freeport extend to 23 acres on South Cranes Grove Road, housing more than 11,650 solar panels. Together, these four solar installations possess a combined generation capacity of 12 megawatts (MW) of clean energy, which equates to providing electricity for nearly 1,700 typical Illinois households. Community solar offers a unique opportunity for all ComEd customers to reap the benefits of clean solar energy, all without the need to invest in solar panels for their own. Participants subscribe to a solar energy farm owned by an independent developer and, in return, receive credits on their monthly ComEd bills corresponding to the energy generated by their share of the project. This generated energy flows into ComEd's grid, contributing to the overall energy supply. Typically, customers subscribe to an amount of electricity that offsets their annual consumption. In most cases, ComEd customers can subscribe to a community solar project within the ComEd region, provided it is not already fully subscribed. Additionally, ComEd has recently launched a user-friendly community solar calculator. This tool assists customers in determining the most suitable subscription size, providing estimates of costs and potential savings. The Climate and Equitable Jobs Act (CEJA) of Illinois, enacted in 2021, increases support for renewable energy to achieve 40 percent by 2030 and 50 percent by 2040. It creates approximately 9,800 megawatts of new solar capacity and a substantial increase in funding for the Illinois Solar for All program. This program, which extends access to solar power for lower-income customers, has seen its annual funding rise from $30 million to $70 million. ComEd presented multi-year grid and rate plans to the Illinois Commerce Commission earlier this year in line with this legislation. These plans are instrumental in accelerating the expansion of renewable energy and ensuring that all communities have equitable access to the benefits of clean energy as per the stipulations of CEJA. These plans are aligned with ComEd 2030, the company's recently announced vision for a carbon-free energy future. This vision promises to cater to the evolving needs of customers and deliver benefits to all communities for the remainder of this decade and beyond.

Read More

Solar+Storage

Xylem and LORENTZ Unite to Expand Solar-Powered Pumping Solutions

Xylem Inc. | September 22, 2023

Xylem Inc. and LORENTZ have entered into a strategic distribution agreement. The collaboration accelerates the adoption of renewable energy sources for water management, contributing to a more sustainable and cost-effective approach. The partnership enhances Xylem's product portfolio with innovative technology, advancing decarbonization in the water sector. Xylem Inc., a prominent global water technology solutions provider, and LORENTZ, a renowned German manufacturer specializing in solar water pumps, have jointly announced a strategic distribution agreement aimed at expanding the global accessibility of solar-powered pumping systems. These innovative and sustainable pumping solutions find widespread use in agriculture, irrigation, and drinking water applications. They play a pivotal role in enabling water managers to address decarbonization objectives while simultaneously reducing operational expenses. The escalating frequency of climate-related droughts and extreme weather events has placed considerable strain on water resources, compelling communities to seek solutions that not only ensure a consistent water supply but also facilitate the transition to cleaner and more energy-efficient systems. Solar-driven pumping technology harnesses renewable energy sources to deliver sustainable and dependable water solutions, even in remote and off-grid locations. This strategic collaboration represents a significant expansion and enhancement of the sustainable pumping offerings from both Xylem and LORENTZ. Under the terms of this agreement, Xylem will leverage the combined strengths of both companies' solutions, with LORENTZ providing solar-powered and solar/grid hybrid pumping systems to Xylem. Furthermore, LORENTZ's cutting-edge technology will augment solutions in Xylem's existing product portfolio, and the two organizations will work in sync to develop innovative new products under the Xylem brand. Notably, both Xylem and LORENTZ will continue to serve their respective market segments and uphold their existing distribution networks. Franz Cerwinka, Senior Vice President and President of Applied Water Systems and Business Transformation at Xylem commented, Innovative technologies offer new ways to protect and optimize water while reducing greenhouse gas emissions. LORENTZ's technology is a perfect example. [Source – Business Wire] He further explained that this collaboration offers Xylem's customers novel sustainable pumping solutions, assisting them in achieving decarbonization goals and implementing cost-effective, efficient, and resilient water management practices. Bernt Lorentz, LORENTZ's founder and chief executive, stated that the movement of liquids constituted a highly energy-intensive activity. Employing solar power and solar/grid hybrid connections could aid customers in pursuing their sustainable energy objectives through the use of renewable energy sources. Lorentz further expressed enthusiasm about teaming up with Xylem to contribute to the acceleration of the water sector's progress toward achieving net-zero emissions.

Read More

More featured news