7.2-Megawatt Solar Project in Development by SolarBank in New York
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 ha annunciato piani per sviluppare un progetto solare da 7,2 MW DC a terra nella contea di Wyoming, New York. Il progetto North Main ha ottenuto un contratto di locazione del sito ed è attualmente sottoposto a studio di interconnessione. Si prevede che il progetto possa alimentare oltre 850 abitazioni attraverso il solare comunitario, consentendo ai residenti di guadagnare crediti sulle loro bollette elettriche senza installare pannelli solari personali. Si prevede che il progetto possa qualificarsi per incentivi nell'ambito del Programma NY-Sun della NYSERDA, in attesa di un positivo studio di interconnessione, processo di permessi e disposizione di finanziamenti.
SolarBank ha anunciado planes para desarrollar un proyecto de energía solar de 7.2 MW DC montado en terreno en el condado de Wyoming, Nueva York. El proyecto North Main ha asegurado un contrato de arrendamiento del sitio y está en proceso de estudio de interconexión. Se espera que el proyecto alimente a más de 850 hogares a través de energía solar comunitaria, permitiendo a los residentes ganar créditos en sus facturas de electricidad sin necesidad de instalar paneles solares personales. Se anticipa que el proyecto calificará para incentivos bajo el Programa NY-Sun de NYSERDA, sujeto a un estudio de interconexión exitoso, proceso de permisos y arreglos financieros.
SolarBank는 뉴욕의 와이오밍 카운티에 7.2 MW DC 지상 태양광 발전 프로젝트를 개발할 계획을 발표했습니다. North Main 프로젝트는 부지 임대 계약을 체결했으며, 인터커넥션 연구 중에 있습니다. 이 프로젝트는 개인 태양광 패널을 설치하지 않고도 주민들이 전기 요금에서 크레딧을 얻을 수 있도록 커뮤니티 태양광을 통해 850가구 이상에 전력을 공급할 것으로 예상됩니다. 이 프로젝트는 성공적인 인터커넥션 연구, 허가 절차 및 자금 조정에 따라 NYSERDA의 NY-Sun 프로그램의 인센티브를 받을 수 있을 것으로 기대됩니다.
SolarBank a annoncé des projets pour développer un projet solaire au sol de 7,2 MW DC dans le comté de Wyoming, New York. Le projet North Main a sécurisé un bail de site et est en cours d'étude de raccordement. Le projet devrait alimenter plus de 850 foyers grâce à l'énergie solaire communautaire, permettant aux habitants de gagner des crédits sur leurs factures d'électricité sans avoir à installer de panneaux solaires personnels. Le projet devrait également être éligible aux incitations du programme NY-Sun de la NYSERDA, sous réserve d'une étude de raccordement réussie, d'un processus de permis et d'accords de financement.
SolarBank hat Pläne angekündigt, ein 7,2 MW DC Freiflächen-Solarprojekt im Wyoming County, New York, zu entwickeln. Das North Main-Projekt hat einen Standortsvertrag gesichert und befindet sich in der Phase der Netzanschlussstudie. Es wird erwartet, dass das Projekt über 850 Haushalte durch gemeinschaftliche Solarenergie mit Strom versorgt, sodass die Bewohner Credits auf ihren Stromrechnungen verdienen können, ohne persönliche Solarpanels installieren zu müssen. Es wird angenommen, dass das Projekt unter dem NYSERDA-Programm NY-Sun für Anreize qualifizieren wird, vorausgesetzt, die Netzanschlussstudie, der Genehmigungsprozess und die Finanzierungsvereinbarungen sind erfolgreich.
- Project will power approximately 850 homes
- Site lease already secured
- Project eligible for NYSERDA NY-Sun Program incentives
- Contributes to company's 1+ gigawatt development pipeline
- Project still requires interconnection approval
- Financing not yet secured
- Pending permit approvals
- Risk of government incentive policy changes
Insights
This 7.2 MW community solar development represents a modest expansion of SolarBank's portfolio but faces significant execution risks. The project's economics heavily depend on NYSERDA NY-Sun Program incentives and successful interconnection studies. While capable of powering approximately 850 homes, the project's size is relatively small compared to SolarBank's stated >1GW development pipeline.
The community solar subscription model offers predictable revenue streams through power bill credits, but success hinges on customer acquisition and retention. The Wyoming County location in New York benefits from supportive state-level renewable policies, though regulatory changes could impact project viability. With a
Over 850 Homes Expected to be Powered by this Community Solar Project
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
What is the capacity of SolarBank's (SUUNF) new solar project in New York?
How many homes will SolarBank's (SUUNF) North Main project power?
What approvals does SolarBank (SUUNF) still need for the North Main project?
Is the North Main project eligible for New York state incentives?
