Genie Renewables launches Sunlight Energy Investments
Genie Renewables founded Sunlight Energy Investments, an investment vehicle structured to generate stable, predictable returns for participants through ownership of both Genie Renewables-sourced solar generation projects and projects developed by third parties.
“Commercial and large-scale solar power projects continue to present attractive opportunities to investors, driven by strong demand,” said Nir Ashpiz, CEO 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 allows us to invest in promising projects, including early stage opportunities developed independently of Genie. In total, Sunlight Energy is currently evaluating financing options for more than one gigawatt of solar power. As we face the increasing impact of global warming around the world, Sunlight Energy is excited to contribute to the transition to renewable energy.”
Sunlight Energy will be the primary financing vehicle for Genie Renewables commercial, community and utility projects and will also seek to participate in projects initiated by other solar developers. Initial capitalization will be provided by Genie Energy, which will serve as the company’s general partner. External investors will participate in Sunlight Energy’s project assets as limited partners. Sunlight Energy will give investors access to Genie Renewables’ larger-scale solar developments and opportunities offered by other solar developers.
Michael Stein, Genie Energy’s chief executive officer, commented: “We see an abundance of opportunities to put our capital to work in the solar industry, and we look forward to offering Sunlight Energy’s partners differentiated opportunities. offer to join us.”
Sunlight Energy’s management team is led by Chief Executive Officer Nir Ashpiz, President Michael Stein and Chief Financial Officer Avi Goldin. Ashpiz previously headed the renewable energy business for a leading real estate investment firm.
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