SolarBank Corporation (Cboe CA: SUNN) (Nasdaq: SUUN) announces that it has closed its previously announced acquisition from Storke Renewables, LLC of a development stage solar project located in the Town of Camillus, New York on a closed landfill. SolarBank intends to develop a 3.15 MW DC ground-mount solar power project on the site that will operate as a community solar project. The Project is expected to be eligible for incentives under the New York State Energy Research and Development Authority NY-Sun Program.
The Project has received interconnection approval and is in the final stage of the permitting process. SolarBank will continue to advance the Project through the permitting process and secure the necessary financing for the construction of the Project. The Project is expected to commence construction in Q3, 2024 and become operational in Q2 2025.
Once completed, the Project will be operated as a community solar project. Community solar is a group of solar panels with access to the local electricity grid. Once the panels are turned on and generating electricity, clean energy from the site feeds into the local power grid. Depending on the size and number of panels the project has, dozens or even hundreds of renters and homeowners can save money from the electricity that is generated by the project. By subscribing to a project, a homeowner earns credits on their electric bill every month from their portion of the solar that’s generated by the project, accessing the benefits of solar without installing panels on their home.
There are several risks associated with the development of the Project. The development of any project is subject to receipt of required permits, receipt of NYSERDA incentives, the continued availability of third-party financing arrangements for the Company and the risks associated with the construction of a solar power project. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for solar power, which could result in future projects no longer being economic. Please refer to “Forward-Looking Statements” for additional discussion of the assumptions and risk factors associated with the statements in this press release.
SolarBank Corporation is an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects in Canada and the USA. The Company develops solar projects that sell electricity to utilities, commercial, industrial, municipal and residential off-takers. The Company maximizes returns via a diverse portfolio of projects across multiple leading solar markets including projects with utilities, host off-takers, community solar, and virtual net metering projects. The Company has a potential development pipeline of over one gigawatt and has developed renewable and clean energy projects with a combined capacity of over 70 megawatts built. To learn more about SolarBank, please visit www.solarbankcorp.com.
