Welcome to our dedicated page for SolarBank news (Ticker: SUUN), a resource for investors and traders seeking the latest updates and insights on SolarBank stock.
SolarBank Corporation Common Stock (symbol: SUUN) is an independent renewable and clean energy project developer and asset operator. Headquartered in Canada, the company primarily operates in two key markets: Canada and the United States, specifically in the province of Ontario and the state of New York. SolarBank is dedicated to developing and operating solar photovoltaic (PV) power generation projects that contribute to a sustainable and clean energy future.
Recently, SolarBank Corporation announced its intention to develop a 6.41 MW DC ground-mount solar power project known as the Rice Road project. This project is located on a 16.98-acre site in Bloomfield, New York, and is expected to qualify for incentives under the New York State Energy Research and Development Authority (NYSERDA) NY-Sun Program. The company has secured a lease for the project site and received interconnection approval, allowing it to proceed with the permitting process and secure the financing needed for construction.
Once operational, the Rice Road project will function as a community solar project. Community solar allows multiple renters and homeowners to benefit from solar energy without installing panels on their homes. By subscribing to the project, participants receive credits on their electric bills corresponding to their share of the electricity generated by the project.
While the project is promising, it is not without risks. The success of the development depends on securing the necessary permits, ongoing third-party financing arrangements, and the continuation of government incentives and support schemes for solar power. Any changes in these factors could impact the project's viability.
About SolarBank Corporation:
SolarBank Corporation is focused on distributed and community solar projects that sell electricity to a diverse range of customers, including utilities, commercial entities, industrial sectors, municipal bodies, and residential off-takers. The company maximizes returns by maintaining a diverse portfolio of projects across multiple leading solar markets. These include utility-scale projects, community solar projects, and virtual net metering initiatives.
SolarBank has an impressive development pipeline of over one gigawatt and has successfully developed renewable and clean energy projects with a combined capacity of over 70 megawatts. This extensive experience and broad project portfolio position SolarBank as a significant player in the renewable energy sector in North America.
SolarBank (NASDAQ: SUUN) announces partnership with Viridi for a combined 3.06 MW DC solar power and 1.2 MWH battery storage project in Buffalo, New York. The project will be constructed on a closed landfill site, converting unused land into a clean energy asset. SolarBank intends to own the project, while Viridi will supply the battery energy storage system (BESS) featuring innovative lithium-ion battery packs with integrated fire suppression and anti-propagation technology.
The project will operate as a community solar initiative, allowing local residents to benefit from solar power without installing panels on their homes. SolarBank has secured the site lease and applied for interconnection approval. The development is subject to successful interconnection approval, permitting process completion, and securing necessary financing.
SolarBank (SUUN) reported its fiscal Q2 and fiscal 2025 interim financial results. Key highlights for the six months ended December 31, 2024 include:
IPP revenue increased significantly from $0.1M to $5.4M. Total revenue was $20.1M compared to $26.3M in 2024. Gross profit improved to $5.9M (29.2% margin) from $4.8M (18.4% margin). The company reported an Adjusted EBITDA of $2.4M, up from $0.3M, but posted a net loss of $1.9M ($0.06 per share) compared to net income of $2.0M ($0.08 per share) in 2024.
Assets grew 372% to $185.3M following Solar Flow-Through Funds acquisition. The company secured a $49.5M USD deal with Qcells and a $25.8M RBC Project Finance facility for BESS projects. Current assets increased to $33.6M from $17.6M, while current liabilities rose to $34.7M from $13.4M.
SolarBank (NASDAQ: SUUN) has announced progress on two community solar projects in Skaneateles, New York, with a combined capacity of 14.4 MW DC. The projects, located on industrial brownfield sites in the Finger Lakes Region, have achieved a key milestone by receiving positive interconnection results through a completed Coordinated Electric System Interconnection Review (CESIR).
The projects are expected to power approximately 2,100 homes and qualify for incentives under the NYSERDA NY-Sun Program. The next phase involves completing the permitting process, which is already in progress. Once operational, these community solar installations will allow local residents to subscribe and earn credits on their electric bills from the generated solar power, potentially reducing their electricity costs compared to standard utility rates.
SolarBank (NASDAQ: SUUN) has announced its schedule for releasing Q2 FY2024 financial results and hosting an earnings call. The company will release its quarterly financial results for the period ended December 31, 2024, after the Nasdaq market closes on Friday, February 14, 2025.
A webinar featuring a business update and discussion of quarterly results is scheduled for February 18, 2025, at 4:30 PM Eastern Time, following the Nasdaq market holiday on February 17. Interested participants can register for the webinar through Microsoft Teams.
SolarBank (NASDAQ: SUUN) has announced the start of construction of its first Battery Energy Storage System (BESS) project in Cramahe, Ontario, scheduled for February 10, 2025. The SFF-06 project is being financed through a $25.8 million loan from Royal Bank of Canada, with Anvil Crawler awarded a $1.85 million contract for civil and electrical work.
The project secured a 22-year contract with the Independent Electricity System Operator (IESO) featuring a fixed contract capacity payment of $1,221/MW per business day, exceeding the weighted average price of $876/MW for storage projects. Once operational, the 4.74 MW project will be available for 251 business days annually. The project qualifies for a 30% Clean Technology Investment Tax Credit on eligible capital costs. SolarBank holds a 50% indirect interest in the project, with the remaining stake held by First Nations communities in Ontario.
SolarBank (SUUN) achieved significant milestones in 2024, securing over $67.5M USD in strategic partnerships. Key developments include a $49.5M transaction with Qcells for four NY solar projects, a $25.8M RBC project finance facility, and the acquisition of Solar Flow-Through Funds valued at $45M.
The company expanded its presence by listing on Nasdaq Global Market and Cboe Canada. Notable operational achievements include completing several community solar projects across New York State, with new developments in Nova Scotia and Pennsylvania. SolarBank also announced its strategic expansion into data center infrastructure to support AI and sustainable energy solutions.
The company completed mechanical construction on multiple projects, including the 3.7 MW DC Geddes project and secured various lease agreements for new solar developments expected to provide green energy to thousands of homes.
SolarBank (NASDAQ: SUUN) has announced its participation in The Microcap Conference 2025, scheduled for January 28-30, 2025, at the Borgata Hotel Spa & Casino in Atlantic City, NJ. CEO Dr. Richard Lu will deliver a corporate presentation on January 29, 2025, at 10AM EST in Studio 2.
The company, which operates as an independent renewable and clean energy project developer and owner, will engage in one-on-one meetings with institutional and individual investors during the conference. Dr. Lu will discuss recent developments, growth strategy, and investor opportunities.
As highlighted by Dr. Lu, SolarBank currently manages over 100 solar power plants and maintains a pipeline exceeding 1 gigawatt of solar, battery storage, and EV charging projects across North America. The company leverages comprehensive renewable energy capabilities to develop, finance, and manage these projects.
SolarBank (NASDAQ: SUUN) has announced a US$49.5 million transaction with Qcells for the sale and construction of four ground-mount solar power projects in upstate New York, totaling 25.577 MW. The projects, known as Gainesville, Hardie, Rice Road, and Hwy 28, have received positive interconnection results through CESIR.
SolarBank will handle the engineering, procurement, and construction (EPC) of these projects for Qcells and is expected to retain operations and maintenance contracts after completion. The projects will operate as community solar initiatives, allowing homeowners to earn credits on their electric bills through the NY-Sun Program.
Qcells, a subsidiary of South Korea's Hanwha Solutions, is investing nearly $2.8 billion in U.S. domestic solar manufacturing. The projects will utilize Qcells modules manufactured in the USA, supporting the domestic clean energy transition.
SolarBank (NASDAQ: SUUN) has secured a $25.8 million project loan from Royal Bank of Canada for two 4.99 MW Battery Energy Storage System projects in Ontario. The loan will fund construction, operation, and maintenance of projects SFF 06 and 903, owned by ProjectCo, in which SolarBank holds a 50% interest.
The projects, acquired through the $45 million Solar Flow-Through Funds acquisition in July 2024, have secured 22-year contracts with IESO at $1,221/MW per business day, above the weighted average of $876/MW. Each project will have 4.74 MW of daily contract capacity for 251 business days annually. The projects qualify for a 30% Clean Technology Investment Tax Credit on eligible capital costs.
SolarBank (NASDAQ: SUUN) held its 2024 Annual General and Special Meeting on December 12, 2024, in Toronto. Shareholders elected five directors with overwhelming support, each receiving over 99% of votes: Dr. Richard Lu, Matthew Wayrynen, Paul Pasalic, Paul Sparkes, and Chelsea Nickles.
The meeting also resulted in the appointment of ZH CPA, as auditors, approval of the Company's Share Compensation Plan and its unallocated entitlements, and authorization for the board to set the number of directors within the articles' limits under Section 125(3) of the Business Corporations Act (Ontario).
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