Genie Energy (GNE) said Tuesday it secured a $7.4 million fixed-rate term loan from the National Cooperative Bank to finance a portfolio of solar generation assets.
The loan will support a 10-megawatt solar array portfolio that Genie acquired through its Sunlight Energy subsidiary. The arrays supply power to educational facilities across three Midwestern states through direct solar power purchase agreements, the company said.
As of Sept. 30, Genie Renewable's development pipeline includes 96 megawatts, with two utility-scale projects under construction and 17 others in development stages, the company added.
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