January 7 (Renewables Now) - US electricity and natural gas retailer Genie Energy Ltd (NYSE:GNE) has bought a controlling interest in Finnish renewable electricity provider Lumo Energia.
The value of the transaction or the size of the acquired stake were not disclosed.
Genie Energy said in a statement that this transaction marks its entry in the Scandinavian retail energy supply market. The acquisition follows the company's programme of revenue diversification and global expansion.
The controlling stake buy should have a positive impact on the firm's earnings as Lumo Energia provides electricity to approximately 32,000 residential customers in Finland, Genie stated in its press release.
"Lumo Energia offers renewable electricity solutions and, with Genie Energy's support and collaboration, we intend to become the premier independent supplier in Scandinavia, with innovative plans that fit every home and budget," said Samuli Melanko, CEO of Lumo Energia.