Welcome to our dedicated page for SolarBank Corporation news (Ticker: SUUN), a resource for investors and traders seeking the latest updates and insights on SolarBank Corporation 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 reported strong Q1 fiscal 2025 results, with revenue increasing 108% to $16.0 million compared to $7.7 million in Q1 2024. The company saw a 361% growth in assets to $181.0 million following the Solar Flow-Through Funds acquisition. Cash flow from operating activities surged 1,099% to $8.1 million, while Adjusted EBITDA reached $2.4 million. Net income was $0.2 million ($0.01 per share), down from $2.0 million ($0.08 per share) in 2024, primarily due to increased depreciation, interest expenses, and professional fees related to the SFF acquisition.
SolarBank (NASDAQ: SUUN) has announced it will release its Q3 2024 financial results for the period ended September 30, 2024, after the Nasdaq market closes on Thursday, November 14, 2024. The company will host a webinar at 4:30 PM Eastern Time on the same day to discuss quarterly results and provide a business update. Interested participants can register for the webinar through the provided Microsoft Teams link.
SolarBank (NASDAQ: SUUN, Cboe CA: SUNN, FSE: GY2) has announced its plans to release its quarterly financial results for the period ending September 30, 2024. The announcement will be made after the Nasdaq market closes on Thursday, November 14, 2024.
Additionally, SolarBank will host a webinar to provide a business update and discuss the quarterly results on the same day at 04:30 PM Eastern Time (US and Canada). Interested parties can register in advance for the webinar through the provided link and will receive a confirmation email with details on how to join the session.
SolarBank (NASDAQ: SUUN) announces its strategic expansion into the data center market, projected to reach $395 billion by 2030. The company aims to become a developer, owner, and strategic partner in data center infrastructure, focusing on sustainable energy solutions. Richard Lu, CEO of SolarBank, emphasizes their commitment to creating energy-efficient, carbon-reducing data centers to support growing technological demands. The company is actively exploring partnerships with key industry players, positioning itself alongside tech giants like Amazon, Microsoft, and Google, who have collectively invested over $100 billion in data center infrastructure over the past five years.
SolarBank has announced plans to develop a 3.1 MW DC ground-mount solar power project in Nova Scotia, known as the West Petpeswick project. This initiative is part of the Nova Scotia Community Solar Program, supporting the province's goal of 80% renewable energy by 2030. The project, owned by AI Renewable, is expected to power approximately 290 homes and will allow community members to earn credits on their electric bills, saving $0.02/kWh. This development is part of SolarBank's larger plan to develop an additional 31 MW of solar projects in Nova Scotia.
SolarBank has announced plans to develop a 7.2 MW DC ground-mount solar power project in Wyoming County, New York. The North Main project has secured a site lease and is undergoing interconnection study. The project is expected to power over 850 homes through community solar, allowing residents to earn credits on their electric bills without installing personal solar panels. The project is anticipated to qualify for incentives under NYSERDA's NY-Sun Program, pending successful interconnection study, permitting process, and financing arrangements.
SolarBank (Cboe CA: SUNN) (NASDAQ: SUUN), a renewable and clean energy project developer, announced its participation in the 17th annual LD Micro Main Event. The event will take place from October 28th to 30th, 2024, at the Luxe Sunset Boulevard Hotel in Los Angeles. Dr. Richard Lu, CEO of SolarBank, will present on Tuesday, October 29th at 4:00 PM PT.
The LD Micro Main Event XVII will feature approximately 150 companies presenting in half-hour increments and attending private meetings with investors. Registration begins on October 28th at 3:00 PM PT, followed by keynotes and a happy hour. Presentations will run from 8:00 AM to 5:00 PM PT on October 29th and 30th.
SolarBank (NASDAQ: SUUN) has announced plans to develop a 7 MW DC ground-mount solar power project in Lancaster County, Pennsylvania. This Stauffer project is part of a larger 24.8 MW DC initiative, following the recently announced 13.8 MW DC project. The proposed community solar project would be one of the first in Pennsylvania, allowing residents to access solar energy without installing panels on their properties.
The project's development is contingent on the final approval of House Bill 1842 by the Pennsylvania State government, which enables community solar projects. SolarBank has secured a lease for the project site and will proceed with permitting, interconnection, and financing steps. The company aims to power approximately 820 homes with this project, aligning with its goal of providing clean and affordable energy to thousands of households.
SolarBank (NASDAQ: SUUN) has announced plans to develop a 3.7 MW DC ground-mount solar power project in Seneca County, New York. Known as the Congress project, it's expected to power over 430 homes through community solar. The project has secured a site lease and is undergoing an interconnection study.
This development is part of SolarBank's expanding pipeline, which exceeds one gigawatt. Community solar projects allow renters and homeowners to earn credits on their electric bills without installing panels on their homes. The project is anticipated to be eligible for incentives under the NYSERDA NY-Sun Program.
SolarBank acknowledges potential risks, including the need for interconnection approval, required permits, third-party financing, and construction challenges. The company also notes that changes in government incentives and policies for solar power could impact future project economics.
SolarBank (NASDAQ: SUUN) has announced plans to develop a 13.8 MW DC ground-mount solar power project called Grandview in Lancaster County, Pennsylvania. This project is part of a larger 24.8 MW DC three-project plan and is expected to power approximately 1,630 homes. It would be SolarBank's first community solar project in Pennsylvania, pending the approval of House Bill 1842 by the Pennsylvania Senate.
The project aims to provide clean energy access to residents, including renters and those without suitable rooftops, without the need for personal panel installation. SolarBank has secured a lease for the project site and is working on permitting, interconnection, and financing. The company's focus on community solar aligns with its goal of powering thousands of homes with affordable clean energy.
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