4.584 MW Forest Hill Rd Solar Project in Development by SolarBank in New York
SolarBank (NASDAQ: SUUN) has announced plans to develop a 4.584 MW DC ground-mount solar power project in upstate New York, known as the Forest Hill Rd project. The project, expected to power 540 homes, will operate as a community solar installation with VDER rate compensation projected at $0.0971/kWh for year one.
The project has secured a site lease and is undergoing interconnection study. It qualifies for NYSERDA NY-Sun Program incentives, targeting up to $0.345/W DC. SolarBank has partnered with Solar Simplified to handle customer-facing activities, ensuring full project subscription and maximized revenue.
Notably, CEO Dr. Richard Lu addressed recent tariff increases on southeast Asian solar cells, stating that SolarBank's operations remain unaffected as they don't import from the targeted countries. The company is exploring alternative sourcing from the Middle East and North America, while maintaining development opportunities in Canada where such tariffs don't apply.
SolarBank (NASDAQ: SUUN) ha annunciato l'intenzione di sviluppare un progetto solare a terra da 4,584 MW DC nello stato di New York, noto come progetto Forest Hill Rd. Il progetto, che dovrebbe alimentare 540 abitazioni, funzionerà come un impianto solare comunitario con una tariffa VDER stimata di 0,0971 $/kWh per il primo anno.
Il progetto ha ottenuto un contratto di locazione del sito ed è in fase di studio per l'interconnessione. È idoneo agli incentivi del programma NYSERDA NY-Sun, con un contributo fino a 0,345 $/W DC. SolarBank ha collaborato con Solar Simplified per gestire le attività rivolte ai clienti, garantendo la piena sottoscrizione del progetto e massimizzando i ricavi.
In particolare, il CEO Dr. Richard Lu ha commentato i recenti aumenti tariffari sulle celle solari del sud-est asiatico, affermando che le operazioni di SolarBank non ne sono influenzate poiché non importano dai paesi interessati. L'azienda sta esplorando fonti alternative in Medio Oriente e Nord America, mantenendo allo stesso tempo opportunità di sviluppo in Canada, dove tali tariffe non si applicano.
SolarBank (NASDAQ: SUUN) ha anunciado planes para desarrollar un proyecto solar montado en tierra de 4.584 MW DC en el norte del estado de Nueva York, conocido como el proyecto Forest Hill Rd. Se espera que el proyecto suministre energía a 540 hogares y operará como una instalación solar comunitaria con una compensación tarifaria VDER proyectada de $0.0971/kWh para el primer año.
El proyecto ha asegurado un contrato de arrendamiento del sitio y está en estudio de interconexión. Califica para incentivos del Programa NYSERDA NY-Sun, con un objetivo de hasta $0.345/W DC. SolarBank se ha asociado con Solar Simplified para manejar las actividades de atención al cliente, asegurando la suscripción completa del proyecto y maximizando los ingresos.
Notablemente, el CEO Dr. Richard Lu se refirió a los recientes aumentos arancelarios sobre células solares del sudeste asiático, afirmando que las operaciones de SolarBank no se ven afectadas ya que no importan de los países afectados. La compañía está explorando abastecimiento alternativo desde Medio Oriente y Norteamérica, mientras mantiene oportunidades de desarrollo en Canadá donde esas tarifas no aplican.
SolarBank (NASDAQ: SUUN)는 뉴욕주 북부에 위치한 Forest Hill Rd 프로젝트로 알려진 4.584 MW DC 지상 태양광 발전 사업을 개발할 계획을 발표했습니다. 이 프로젝트는 약 540가구에 전력을 공급할 예정이며, 1년 차 VDER 요금 보상은 kWh당 0.0971달러로 예상됩니다.
프로젝트는 부지 임대 계약을 확보했으며, 계통 연결 연구가 진행 중입니다. NYSERDA NY-Sun 프로그램 인센티브의 대상이 되어 최대 0.345달러/W DC의 지원을 받을 수 있습니다. SolarBank는 Solar Simplified와 협력하여 고객 관련 업무를 담당하며, 프로젝트의 완전한 구독과 수익 극대화를 보장합니다.
특히 CEO인 Dr. Richard Lu는 동남아시아 태양광 셀에 대한 최근 관세 인상에 대해 언급하며, SolarBank의 운영은 해당 국가에서 수입하지 않기 때문에 영향이 없다고 밝혔습니다. 회사는 중동과 북미에서 대체 공급원을 모색하는 동시에, 이러한 관세가 적용되지 않는 캐나다에서의 개발 기회를 유지하고 있습니다.
SolarBank (NASDAQ : SUUN) a annoncé son projet de développement d’un projet solaire au sol de 4,584 MW DC dans le nord de l’État de New York, connu sous le nom de projet Forest Hill Rd. Ce projet, qui devrait alimenter 540 foyers, fonctionnera comme une installation solaire communautaire avec une compensation tarifaire VDER estimée à 0,0971 $/kWh pour la première année.
Le projet a obtenu un bail pour le site et est en cours d’étude de raccordement. Il est éligible aux incitations du programme NYSERDA NY-Sun, visant jusqu’à 0,345 $/W DC. SolarBank s’est associé à Solar Simplified pour gérer les activités en relation avec les clients, garantissant une souscription complète du projet et une maximisation des revenus.
Notamment, le PDG Dr Richard Lu a abordé les récentes hausses tarifaires sur les cellules solaires d’Asie du Sud-Est, précisant que les opérations de SolarBank ne sont pas affectées car elles n’importent pas des pays concernés. L’entreprise explore des sources alternatives au Moyen-Orient et en Amérique du Nord, tout en maintenant des opportunités de développement au Canada où ces tarifs ne s’appliquent pas.
SolarBank (NASDAQ: SUUN) hat Pläne zur Entwicklung eines 4,584 MW DC bodengebundenen Solarprojekts im Bundesstaat New York angekündigt, bekannt als das Forest Hill Rd Projekt. Das Projekt, das voraussichtlich 540 Haushalte mit Strom versorgen wird, soll als Gemeinschaftssolaranlage betrieben werden, mit einer VDER-Tarifvergütung von voraussichtlich 0,0971 $/kWh im ersten Jahr.
Das Projekt hat einen Standortpachtvertrag gesichert und befindet sich in der Netzanschlussprüfung. Es qualifiziert sich für Anreize des NYSERDA NY-Sun Programms mit einer Förderung von bis zu 0,345 $/W DC. SolarBank arbeitet mit Solar Simplified zusammen, um kundenbezogene Aktivitäten zu übernehmen und so eine vollständige Projektzeichnung sowie maximale Einnahmen sicherzustellen.
Besonders erwähnenswert ist, dass CEO Dr. Richard Lu die jüngsten Zollsteigerungen auf Solarzellen aus Südostasien kommentierte und erklärte, dass SolarBanks Betrieb davon nicht betroffen ist, da keine Importe aus den betroffenen Ländern erfolgen. Das Unternehmen prüft alternative Bezugsquellen aus dem Nahen Osten und Nordamerika und hält gleichzeitig Entwicklungsmöglichkeiten in Kanada aufrecht, wo solche Zölle nicht gelten.
- Project will generate recurring revenue through VDER compensation at $0.0971/kWh
- Eligible for significant NYSERDA incentives up to $0.345/W DC
- Company operations unaffected by new solar tariffs
- Partnership with Solar Simplified ensures full project subscription
- Development pipeline exceeds one gigawatt
- Project still pending interconnection approval and permits
- Subject to financing arrangement risks
- Potential future reduction in government incentives could impact project economics
Insights
SolarBank adds 4.5MW NY solar project to its 1GW+ pipeline while actively managing tariff risks through diversified supply chain.
SolarBank's announcement of the 4.584 MW DC Forest Hill Rd solar project in upstate New York represents continued execution on the company's development pipeline, which now exceeds one gigawatt. The economics of this community solar project appear structured around New York's established incentive frameworks, with projected compensation of
The CEO's statements on recent tariffs highlight a significant competitive advantage. Unlike some industry peers, SolarBank is not currently importing from the four Southeast Asian countries affected by the US Department of Commerce's April 21 tariff announcement. This insulates their current operations from immediate disruption. Their proactive supply chain management strategy includes:
- Exploring alternative sourcing from Middle East and North America
- Leveraging their Canadian development opportunities (not subject to these tariffs)
- Potentially benefiting from higher electricity costs that could improve project economics
This project remains subject to several standard development contingencies, including interconnection approval, permitting, and financing. The community solar model enables multiple subscribers to benefit from a single installation, with Solar Simplified handling customer acquisition and management. This partnership allows SolarBank to focus on core development competencies while ensuring revenue maximization.
SolarBank's community solar expansion demonstrates execution ability while avoiding tariff disruptions that impact competitors.
The Forest Hill Rd project showcases SolarBank's strategic focus on the community solar market, a sector with significant growth potential in New York State. Community solar addresses a fundamental market limitation by allowing approximately 540 homes to benefit from clean energy without requiring rooftop installation. This dramatically expands the addressable market beyond property owners to include renters and those with unsuitable roofs.
The VDER compensation structure provides a stable revenue framework for the project, while the potential NYSERDA incentives of up to
Most notably, SolarBank's supply chain positioning regarding the recent tariffs demonstrates operational resilience. While many competitors face disruption from the April 21st tariffs on southeast Asian solar cells, SolarBank reports no exposure to these specific markets. Their exploration of Middle Eastern and North American panel sourcing represents prudent diversification, with domestic assembled panels becoming increasingly cost-competitive. Their Canadian development opportunities provide additional insulation from US tariff policies.
This announcement indicates continued pipeline execution while navigating industry-wide supply chain challenges. The project adds incrementally to SolarBank's development pipeline while their tariff risk management approach provides operational stability in an otherwise disrupted market.
540 Homes Expected to be Powered by this Community Solar Project
The Project will be eligible for the VDER rate compensation mechanism under NY Public Utility Commission case 15-E-0751. The year one average compensation is currently projected at
Dr. Richard Lu, CEO of SolarBank Commented: "We continue to execute on our development pipeline of community solar projects. I also want to comment on the recent announcement of increased tariffs on south-east
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 Forest Hill Rd solar project?
How many homes will the Forest Hill Rd community solar project power?
What is the projected VDER rate compensation for the Forest Hill Rd project?
How will the new US solar tariffs affect SolarBank's (SUUN) operations?
What incentives is the Forest Hill Rd project eligible for under NYSERDA?
