Genie Energy Ltd., (NYSE: GNE, GNEPRA), a leading retail energy and renewable energy solutions provider, announced today (July 31) 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.
