Sunlight Energy Investments, a subsidiary of Genie Energy, [NYSE: GNE], a retail energy and renewable energy solutions provider, is in active conversations to buy more US-based solar projects in the next 18 months, Nir Ashpiz, CEO of Sunlight Energy told Mergermarket.

“We are in the diligence right now for more projects,” Ashpiz said. The company, which develops low-scale solar utility projects, is in talks to acquire multiple projects in the next 18 months, he said.

It expects to close at least one deal within a week, he added.

“The time is right to expand our solar generation project portfolio,” the CEO said, noting that global warming has increased the demand for renewable energy alternatives and the Inflation Reduction Act helps to make these projects more financially viable.

Sunlight uses undisclosed external advisors to scout for potential targets, Ashpiz said.

The company wants to acquire commercial, industrial, and small utility-scale solar generation projects sized between 250 KW and 50 MW, Ashpiz said. It prioritizes projects that are progressing from the notice-to-proceed to the commercial-operation-date stage, he added.

To finance potential acquisitions and leverage Genie’s balance sheet, the subsidiary is in talks with potential investors and is actively seeking to raise capital from strategic investors, family offices, and high-net worth individuals, Ashpiz said.

Potential backers will be able to invest between USD 1m and USD 20m in Sunlight’s diversified portfolio of commercial, industrial, and small utility-scale solar projects that have long-term offtake agreements in place.

Parent company Genie Energy had more than USD 140m in cash at the end of September.

Sunlight announced on 27 November that it acquired a portfolio of 12 operating solar arrays and projects in development from an undisclosed project developer for an undisclosed amount.

The deal represents “the attractive development and acquisition opportunities available across the solar generation industry,” the CEO said.

Sunlight uses one of the “biggest law firms in renewables,” the CEO said without disclosing the firm’s name.