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 (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).
SolarBank (NASDAQ: SUUN), a renewable and clean energy project developer focused on distributed and community solar projects in Canada and the USA, has announced its participation in the Benchmark Company 13th Annual Discovery Investor Conference. The event will take place on Wednesday, December 11, 2024, at the New York Athletic Club in New York City.
CEO Dr. Richard Lu will be available for one-on-one meetings with analysts and investors throughout the conference day. Interested parties can schedule meetings through their Benchmark Company representative, and conference registration is available online.
SolarBank (NASDAQ: SUUN) announces its subsidiary has secured a $3 million loan from RE Royalties for three 4.99 MW Battery Energy Storage System (BESS) projects in Ontario. The loan matures on November 26, 2025, with an 11% annual interest rate and includes a 0.40% royalty on gross revenues (reducible to 0.25% if repaid within six months). The projects, part of SolarBank's initial entry into battery storage, were acquired through the $45 million Solar Flow-Through Funds acquisition in July 2024. The borrower holds a 50% indirect interest in the projects, with the remaining stake held by First Nations communities in Ontario.
SolarBank (NASDAQ: SUUN) has announced plans to develop a 4.6 MW DC ground-mount solar power project in Seneca County, New York. The Stone Church project, which has already secured a site lease and is undergoing interconnection study, is expected to power over 540 homes through community solar initiatives. The project will be eligible for incentives under NYSERDA's NY-Sun Program and represents an addition to SolarBank's development pipeline exceeding one gigawatt. Through this community solar project, local residents can earn credits on their electric bills without installing panels on their homes.
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.
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