Genie Renewables has formed Sunlight Energy Investments, an investment vehicle structured to generate stable, predictable returns for participants through ownership of both Genie Renewables-originated solar generation projects as well as projects developed by third parties.
“Commercial and utility-scale solar generation projects continue to offer investors compelling opportunities, driven by strong demand,” said Nir Ashpiz, chief executive officer of Sunlight Energy. “Sunlight Energy will seek to structure project participation to provide investors with attractive and stable cash-flows, while diversifying project-based risks. Our strong financial position will enable us to invest in promising projects including early-stage opportunities developed independently of Genie. In all, Sunlight Energy is currently evaluating financing opportunities for over one gigawatt of solar generation. As we confront the intensifying impact of global warming around the globe, Sunlight Energy is pleased to contribute to the transition to renewable energy.”
Sunlight Energy will be the primary equity financing vehicle for Genie Renewables-originated commercial, community and utility-scale solar projects and also will seek to participate in projects originated by other solar developers. Its initial capitalization will be provided by Genie Energy, which will serve as the company’s general partner. Third-party investors will participate as limited partners in Sunlight Energy’s project equity. Sunlight Energy will provide investors with access to Genie Renewables’ larger scale solar developments as well as to opportunities provided by other solar developers.
Michael Stein, chief executive officer of Genie Energy, commented, “We see an abundance of opportunities to put our capital to work across the solar generation industry, and we look forward to providing Sunlight Energy’s partners with differentiated opportunities to participate alongside us.”
Sunlight Energy’s management team is headed by Chief Executive Officer Nir Ashpiz, President Michael Stein, and Chief Financial Officer Avi Goldin. Ashpiz previously headed the renewables business for a leading real estate investment firm.
News item from Genie Renewables