4.3 MW Glen Rd Solar Project in Development by SolarBank in New York
SolarBank (NASDAQ: SUUN) has announced plans to develop a 4.3 MW DC ground-mount solar power project in upstate New York, known as the Glen Rd project. The project, expected to power approximately 500 homes, is part of SolarBank's development pipeline exceeding one gigawatt.
The project has secured a site lease and is currently undergoing interconnection study. It is expected to qualify for incentives under the NYSERDA NY-Sun Program and will operate as a community solar project, allowing local residents to benefit from solar power without installing panels on their homes.
SolarBank has partnered with Solar Simplified to handle customer-facing activities, including acquisition, enrollment, and management, ensuring full project subscription and maximized revenue from day one. The project's development remains subject to interconnection approval, community solar contract, required permits, and third-party financing arrangements.
SolarBank (NASDAQ: SUUN) ha annunciato piani per sviluppare un progetto solare a terra da 4,3 MW DC nello stato di New York, conosciuto come il progetto Glen Rd. Si prevede che il progetto fornisca energia a circa 500 abitazioni ed è parte del pipeline di sviluppo di SolarBank che supera un gigawatt.
Il progetto ha già ottenuto un contratto di locazione del sito ed è attualmente in fase di studio di interconnessione. Si prevede che possa beneficiare degli incentivi previsti dal programma NYSERDA NY-Sun e opererà come un progetto solare comunitario, consentendo ai residenti locali di usufruire dell'energia solare senza dover installare pannelli sulle proprie abitazioni.
SolarBank ha collaborato con Solar Simplified per gestire le attività a contatto con i clienti, inclusi acquisizione, iscrizione e gestione, garantendo una piena sottoscrizione del progetto e massimizzando le entrate fin dal primo giorno. Lo sviluppo del progetto è soggetto all'approvazione dell'interconnessione, al contratto per il solare comunitario, ai permessi necessari e agli accordi di finanziamento di terzi.
SolarBank (NASDAQ: SUUN) ha anunciado planes para desarrollar un proyecto solar de montaje en tierra de 4,3 MW DC en el estado de Nueva York, conocido como el proyecto Glen Rd. Se espera que el proyecto proporcione energía a aproximadamente 500 hogares y es parte de la cartera de desarrollo de SolarBank que supera un gigavatio.
El proyecto ha asegurado un contrato de arrendamiento del sitio y actualmente está en estudio de interconexión. Se espera que califique para incentivos bajo el programa NYSERDA NY-Sun y funcionará como un proyecto solar comunitario, permitiendo a los residentes locales beneficiarse de la energía solar sin tener que instalar paneles en sus hogares.
SolarBank se ha asociado con Solar Simplified para manejar las actividades orientadas al cliente, incluyendo adquisición, inscripción y gestión, asegurando la plena suscripción del proyecto y maximizando los ingresos desde el primer día. El desarrollo del proyecto está sujeto a la aprobación de la interconexión, al contrato del solar comunitario, a los permisos requeridos y a los acuerdos de financiamiento de terceros.
SolarBank (NASDAQ: SUUN)은 뉴욕 주에서 4.3 MW DC 지상 설치 태양광 발전 프로젝트를 개발할 계획을 발표했습니다. 이 프로젝트는 Glen Rd 프로젝트로 알려져 있으며, 약 500 가구에 전력을 공급할 것으로 예상됩니다. 이 프로젝트는 SolarBank의 1기가와트를 초과하는 개발 파이프라인의 일환입니다.
이 프로젝트는 부지 임대 계약을 체결했으며 현재 상호 연결 연구를 진행 중입니다. NYSERDA NY-Sun 프로그램에 따른 인센티브를 받을 것으로 예상되며, 커뮤니티 태양광 프로젝트로 운영되어 지역 주민들이 자신의 집에 패널을 설치하지 않고도 태양광의 혜택을 누릴 수 있게 됩니다.
SolarBank는 고객과의 활동을 담당하기 위해 Solar Simplified와 협력하여, 고객 유치, 등록 및 관리 등을 포함하여 프로젝트의 전체 구독을 보장하고 첫 날부터 수익을 극대화합니다. 프로젝트 개발은 상호 연결 승인, 커뮤니티 태양광 계약, 필요한 허가 및 제3자 자금 조달 계약의 승인을 받아야 합니다.
SolarBank (NASDAQ: SUUN) a annoncé des projets pour développer un projet solaire au sol de 4,3 MW DC dans l'État de New York, connu sous le nom de projet Glen Rd. Le projet devrait fournir de l'énergie à environ 500 foyers et fait partie du pipeline de développement de SolarBank qui dépasse un gigawatt.
Le projet a sécurisé un bail de site et est actuellement en cours d'étude d'interconnexion. Il est prévu qu'il puisse bénéficier d'incitations dans le cadre du programme NYSERDA NY-Sun et fonctionnera comme un projet solaire communautaire, permettant aux résidents locaux de bénéficier de l'énergie solaire sans avoir à installer de panneaux sur leurs maisons.
SolarBank s'est associé à Solar Simplified pour gérer les activités orientées vers le client, y compris l'acquisition, l'inscription et la gestion, garantissant une pleine souscription au projet et maximisant les revenus dès le premier jour. Le développement du projet reste soumis à l'approbation de l'interconnexion, au contrat du solaire communautaire, aux permis requis et aux arrangements de financement tiers.
SolarBank (NASDAQ: SUUN) hat Pläne angekündigt, ein 4,3 MW DC Freiflächen-Solarprojekt im Bundesstaat New York zu entwickeln, bekannt als das Glen Rd-Projekt. Das Projekt soll etwa 500 Haushalte mit Strom versorgen und ist Teil von SolarBanks Entwicklungspipeline, die über ein Gigawatt hinausgeht.
Das Projekt hat einen Standortvertrag gesichert und befindet sich derzeit in der Phase der Netzanbindung. Es wird erwartet, dass es für Anreize im Rahmen des NYSERDA NY-Sun-Programms qualifiziert und als gemeinschaftliches Solarprojekt betrieben wird, sodass die Anwohner von Solarenergie profitieren können, ohne Solarpanels auf ihren Häusern installieren zu müssen.
SolarBank hat sich mit Solar Simplified zusammengeschlossen, um kundenorientierte Aktivitäten zu übernehmen, einschließlich Akquisition, Einschreibung und Verwaltung, um eine vollständige Projektabonnierung und maximierte Einnahmen ab dem ersten Tag sicherzustellen. Die Entwicklung des Projekts unterliegt der Genehmigung der Netzanbindung, dem Vertrag für das gemeinschaftliche Solarprojekt, den erforderlichen Genehmigungen und den Finanzierungsvereinbarungen mit Dritten.
- Secured site lease for 4.3 MW solar project
- Project part of 1+ gigawatt development pipeline
- Partnership with Solar Simplified ensures full subscription and maximized revenue
- Eligible for NYSERDA NY-Sun Program incentives
- Project still requires interconnection approval
- Pending permits and third-party financing
- Subject to policy risks regarding solar incentives
Insights
SolarBank's announcement of the 4.3 MW Glen Rd solar project in upstate New York represents modest but steady execution of their development strategy. The secured site lease and ongoing interconnection study mark early-stage progress for this community solar installation, which is expected to power approximately 500 homes once completed.
This project contributes incrementally to SolarBank's development pipeline, which now exceeds one gigawatt. The expected eligibility for NYSERDA NY-Sun Program incentives should improve the project economics, though specific financial projections aren't disclosed.
Their partnership with Solar Simplified strategically addresses one of community solar's primary challenges – customer acquisition and management. This arrangement allows SolarBank to concentrate on development while ensuring projects achieve full subscription from day one, potentially accelerating their ability to bring more projects online annually.
The 4.3 MW capacity, while modest compared to utility-scale installations, is appropriately sized for the community solar model. These projects typically range from 1-5 MW due to regulatory frameworks and grid integration requirements.
Investors should note the disclosed contingencies, including pending interconnection approval, permitting, community solar contracts, and third-party financing arrangements. The project remains subject to development risks typical of this industry segment, including potential changes to government incentives which could affect project economics.
This announcement demonstrates continued execution rather than transformative growth, reflecting SolarBank's ongoing commitment to the community solar business model in supportive regulatory environments like New York state.
500 Homes Expected to be Powered by this Community Solar Project
Assuming the Project's interconnection study is successful, the Company will continue to work to complete the permitting process and secure the necessary financing for the construction of the Project. The Project is expected to be eligible for incentives under the
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.
Solar Simplified handles all customer-facing activities for the Company's community solar projects, allowing it to focus on developing and expanding its renewable energy portfolio. Solar Simplified's expertise in acquisition, enrollment, and management ensures full project subscription and maximized revenue from day one. With a business model that aligns seamlessly with the Company's, this partnership drives sustainable growth, enabling the Company to accelerate development, bring more projects online each year, and create greater value for its business and the communities served by the Company.
There are several risks associated with the development of the Project. The development of any project is subject to receipt of interconnection approval, receipt of a community solar contract, required permits, 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 Project and statements made in this press release.
About SolarBank Corporation
SolarBank Corporation is an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects in
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements") that relate to the Company's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. In particular and without limitation, this news release contains forward-looking statements pertaining to the Company's expectations regarding its industry trends and overall market growth; the Company's growth strategies the expected energy production from the solar power project mentioned in this press release; the number of homes expected to be powered; the receipt of interconnection approval, permits and financing to be able to construct the Project; the receipt of incentives for the Project; and the size of the Company's development pipeline. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.
Forward-looking statements are based on certain assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate, and are subject to risks and uncertainties. In making the forward looking statements included in this news release, the Company has made various material assumptions, including but not limited to: obtaining the necessary regulatory approvals; that regulatory requirements will be maintained; general business and economic conditions; the Company's ability to successfully execute its plans and intentions; the availability of financing on reasonable terms; the Company's ability to attract and retain skilled staff; market competition; the products and services offered by the Company's competitors; that the Company's current good relationships with its service providers and other third parties will be maintained; and government subsidies and funding for renewable energy will continue as currently contemplated. Although the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and the Company cannot assure that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties and assumptions, investors should not place undue reliance on these forward-looking statements.
Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including those listed under "Forward-Looking Statements" and "Risk Factors" in the Company's most recently completed Annual Information Form, and other public filings of the Company, which include: the Company may be adversely affected by volatile solar power market and industry conditions; the execution of the Company's growth strategy depends upon the continued availability of third-party financing arrangements; the Company's future success depends partly on its ability to expand the pipeline of its energy business in several key markets; governments may revise, reduce or eliminate incentives and policy support schemes for solar and battery storage power; general global economic conditions may have an adverse impact on our operating performance and results of operations; the Company's project development and construction activities may not be successful; developing and operating solar projects exposes the Company to various risks; the Company faces a number of risks involving Power Purchase Agreements ("PPAs") and project-level financing arrangements; any changes to the laws, regulations and policies that the Company is subject to may present technical, regulatory and economic barriers to the purchase and use of solar power; the markets in which the Company competes are highly competitive and evolving quickly; an anti-circumvention investigation could adversely affect the Company by potentially raising the prices of key supplies for the construction of solar power projects; foreign exchange rate fluctuations; a change in the Company's effective tax rate can have a significant adverse impact on its business; seasonal variations in demand linked to construction cycles and weather conditions may influence the Company's results of operations; the Company may be unable to generate sufficient cash flows or have access to external financing; the Company may incur substantial additional indebtedness in the future; the Company is subject to risks from supply chain issues; risks related to inflation; unexpected warranty expenses that may not be adequately covered by the Company's insurance policies; if the Company is unable to attract and retain key personnel, it may not be able to compete effectively in the renewable energy market; there are a limited number of purchasers of utility-scale quantities of electricity; compliance with environmental laws and regulations can be expensive; corporate responsibility may adversely impose additional costs; the future impact of any resurgence of COVID-19 on the Company is unknown at this time; the Company has limited insurance coverage; the Company will be reliant on information technology systems and may be subject to damaging cyberattacks; the Company may become subject to litigation; there is no guarantee on how the Company will use its available funds; the Company will continue to sell securities for cash to fund operations, capital expansion, mergers and acquisitions that will dilute the current shareholders; and future dilution as a result of financings.
The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
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SOURCE SolarBank Corporation
FAQ
What is the capacity and location of SolarBank's (SUUN) new Glen Rd solar project?
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What are the key development milestones pending for SUUN's Glen Rd project?
