4.6-Megawatt Solar Project in Development by SolarBank in New York
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 (NASDAQ: SUUN) ha annunciato piani per sviluppare un progetto solare a terra da 4,6 MW DC nella Contea di Seneca, New York. Il progetto Stone Church, che ha già ottenuto un contratto di affitto per il sito e sta effettuando uno studio di interconnessione, si prevede possa alimentare oltre 540 abitazioni attraverso iniziative solari comunitarie. Il progetto sarà idoneo per incentivi nell'ambito del Programma NY-Sun di NYSERDA e rappresenta un'aggiunta al portafoglio di sviluppo di SolarBank che supera un gigawatt. Attraverso questo progetto solare comunitario, i residenti locali possono guadagnare crediti sulle loro bollette elettriche senza dover installare pannelli sulle proprie abitazioni.
SolarBank (NASDAQ: SUUN) ha anunciado planes para desarrollar un proyecto solar montado en tierra de 4.6 MW DC en el Condado de Seneca, Nueva York. El proyecto Stone Church, que ya ha asegurado un contrato de arrendamiento del sitio y está en estudio de interconexión, se espera que suministre energía a más de 540 hogares a través de iniciativas solares comunitarias. El proyecto será elegible para incentivos bajo el Programa NY-Sun de NYSERDA y representa una adición a la cartera de desarrollo de SolarBank que supera un gigavatio. A través de este proyecto solar comunitario, los residentes locales pueden ganar créditos en sus facturas eléctricas sin necesidad de instalar paneles en sus hogares.
SolarBank (NASDAQ: SUUN)는 뉴욕 주 세네카 카운티에 4.6 MW DC 지상 태양광 프로젝트를 개발할 계획을 발표했습니다. 이미 부지 임대 계약을 체결하고 상호 연계 연구를 진행 중인 스톤 처치 프로젝트는 지역 커뮤니티 태양광 이니셔티브를 통해 540 가구 이상에 전력을 공급할 것으로 예상됩니다. 이 프로젝트는 NYSERDA의 NY-Sun 프로그램을 통한 인센티브 자격이 있으며, SolarBank의 개발 파이프라인에 1기가와트를 초과하는 추가를 의미합니다. 이 커뮤니티 태양광 프로젝트를 통해 지역 주민들은 자택에 패널을 설치하지 않고도 전기 요금에 대한 크레딧을 받을 수 있습니다.
SolarBank (NASDAQ: SUUN) a annoncé des projets de développement d'un projet solaire au sol de 4,6 MW DC dans le comté de Seneca, New York. Le projet Stone Church, qui a déjà sécurisé un bail de site et est en cours d'étude d'interconnexion, devrait alimenter plus de 540 foyers grâce à des initiatives solaires communautaires. Le projet sera éligible aux incitations du programme NY-Sun de NYSERDA et représente un ajout au pipeline de développement de SolarBank dépassant un gigawatt. Grâce à ce projet solaire communautaire, les résidents locaux peuvent gagner des crédits sur leurs factures d'électricité sans avoir à installer de panneaux sur leurs maisons.
SolarBank (NASDAQ: SUUN) hat Pläne zur Entwicklung eines 4,6 MW DC Bodenmontage-Solarprojekts im Seneca County, New York, angekündigt. Das Stone Church-Projekt, das bereits einen Standortpachtvertrag und eine Interkonnektivitätsstudie gesichert hat, wird voraussichtlich über 540 Haushalte durch gemeindebasierte Solarinitiativen mit Strom versorgen. Das Projekt wird für Anreize im Rahmen des NYSERDA NY-Sun-Programms berechtigt und stellt eine Erweiterung von SolarBanks Entwicklungs-Pipeline dar, die ein Gigawatt übersteigt. Durch dieses gemeinschaftliche Solarprojekt können die Anwohner Guthaben auf ihre Stromrechnungen verdienen, ohne Solarpanels auf ihren Häusern installieren zu müssen.
- Project will power over 540 homes when completed
- Site lease already secured for the project
- Project eligible for NYSERDA NY-Sun Program incentives
- Adds to company's +1GW development pipeline
- Project still requires successful interconnection study approval
- Pending permitting process completion
- Financing for construction not yet secured
- Risk of government incentive reduction or elimination
Insights
The 4.6 MW Stone Church solar project represents a modest expansion of SolarBank's development pipeline, which already exceeds 1 gigawatt. While the project's capacity to power 540 homes demonstrates incremental growth, its real significance lies in strengthening the company's position in New York's community solar market. The NYSERDA NY-Sun Program incentives could provide valuable financial support, though the project still faces several development hurdles including interconnection approval and financing.
The community solar business model offers steady revenue potential through subscriber-based billing, but investors should note that project development risks and potential policy changes could impact profitability. Given SolarBank's
Over 540 Homes Expected to be Powered by this Community Solar Project
"Community solar projects are a great way to make renewable energy accessible and affordable for everyone. The Stone Church project exemplifies our commitment to delivering clean energy while fostering local economic growth and sustainability in
The clean energy generated by community solar projects feeds directly into the local electricity grid. Depending on the size and number of panels a community solar project has, renters and homeowners can earn credits on their electric bill and save money from the electricity that is generated by a project.
By subscribing to a project, community members can access the benefits of renewable energy without having to install panels on their home. SolarBank's strategic focus on community solar aligns with its goal of powering thousands of homes with clean and affordable energy.
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
There are several risks associated with the development of the Project. The development of any project is subject to receipt of interconnection approval, 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 projects 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
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