7.2 MW Glor Rd 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 upstate New York, known as the Glor Rd project. The initiative is expected to power approximately 850 homes through a community solar model.
The project has secured a site lease and is undergoing an interconnection study. It will utilize the VDER rate compensation mechanism, projecting a year-one average compensation of $0.0971/kWh. The development is eligible for NYSERDA NY-Sun Program incentives, targeting up to $0.245/W DC.
Through partnership with Solar Simplified, which manages customer-facing activities, the project will operate as a community solar installation. This model allows local residents to benefit from solar power without installing panels on their homes, earning credits on their electric bills through subscription.
The project is part of SolarBank's expanding development pipeline, which exceeds one gigawatt, demonstrating their commitment to advancing community solar initiatives in New York.
SolarBank ha annunciato l'intenzione di sviluppare un progetto solare a terra da 7,2 MW DC nello stato di New York, noto come progetto Glor Rd. L'iniziativa mira a fornire energia a circa 850 abitazioni attraverso un modello di energia solare comunitaria.
Il progetto ha ottenuto un contratto di locazione del sito ed è in fase di studio per l'interconnessione. Utilizzerà il meccanismo di compensazione tariffaria VDER, con una previsione di compenso medio per il primo anno di 0,0971 $/kWh. Lo sviluppo è idoneo agli incentivi del Programma NY-Sun di NYSERDA, con un contributo fino a 0,245 $/W DC.
Grazie alla collaborazione con Solar Simplified, che gestisce le attività rivolte ai clienti, il progetto opererà come un impianto solare comunitario. Questo modello permette ai residenti locali di usufruire dell'energia solare senza dover installare pannelli sulle loro abitazioni, ottenendo crediti sulle bollette elettriche tramite abbonamento.
Il progetto fa parte del portafoglio di sviluppo in crescita di SolarBank, che supera il gigawatt, dimostrando il loro impegno nel promuovere iniziative di energia solare comunitaria a New York.
SolarBank ha anunciado planes para desarrollar un proyecto solar terrestre de 7,2 MW DC en el norte del estado de Nueva York, conocido como el proyecto Glor Rd. La iniciativa se espera que suministre energía a aproximadamente 850 hogares mediante un modelo de energía solar comunitaria.
El proyecto ha asegurado un contrato de arrendamiento del sitio y está en proceso de estudio de interconexión. Utilizará el mecanismo de compensación tarifaria VDER, proyectando una compensación promedio de 0,0971 $/kWh en el primer año. El desarrollo es elegible para incentivos del Programa NY-Sun de NYSERDA, con un objetivo de hasta 0,245 $/W DC.
A través de la asociación con Solar Simplified, que gestiona las actividades orientadas al cliente, el proyecto operará como una instalación solar comunitaria. Este modelo permite a los residentes locales beneficiarse de la energía solar sin instalar paneles en sus hogares, obteniendo créditos en sus facturas eléctricas mediante suscripción.
El proyecto forma parte de la cartera de desarrollo en expansión de SolarBank, que supera un gigavatio, demostrando su compromiso con el avance de iniciativas solares comunitarias en Nueva York.
SolarBank는 뉴욕 주 북부에 위치한 7.2MW DC 지상 설치 태양광 발전 프로젝트인 Glor Rd 프로젝트를 개발할 계획을 발표했습니다. 이 프로젝트는 커뮤니티 태양광 모델을 통해 약 850가구에 전력을 공급할 예정입니다.
프로젝트는 부지 임대 계약을 확보했으며, 연계 연구를 진행 중입니다. VDER 요금 보상 메커니즘을 활용하며, 1년 차 평균 보상액은 kWh당 0.0971달러로 예상됩니다. 또한 NYSERDA NY-Sun 프로그램 인센티브 대상이며, 최대 0.245달러/W DC의 지원을 목표로 하고 있습니다.
고객 관련 활동을 담당하는 Solar Simplified와의 협력을 통해 이 프로젝트는 커뮤니티 태양광 설치로 운영될 예정입니다. 이 모델은 지역 주민들이 집에 패널을 설치하지 않고도 태양광 에너지 혜택을 누리며 구독을 통해 전기 요금에 대한 크레딧을 받을 수 있게 합니다.
이 프로젝트는 1기가와트를 초과하는 SolarBank의 확장 중인 개발 파이프라인의 일부로, 뉴욕에서 커뮤니티 태양광 이니셔티브를 진전시키려는 의지를 보여줍니다.
SolarBank a annoncé son projet de développement d'une centrale solaire au sol de 7,2 MW DC dans le nord de l'État de New York, appelée projet Glor Rd. Cette initiative devrait alimenter environ 850 foyers grâce à un modèle solaire communautaire.
Le projet a obtenu un bail pour le site et fait l'objet d'une étude de raccordement. Il utilisera le mécanisme de compensation tarifaire VDER, avec une compensation moyenne prévue de 0,0971 $/kWh la première année. Le développement est éligible aux incitations du programme NY-Sun de NYSERDA, visant jusqu'à 0,245 $/W DC.
En partenariat avec Solar Simplified, qui gère les activités orientées client, le projet fonctionnera comme une installation solaire communautaire. Ce modèle permet aux résidents locaux de bénéficier de l'énergie solaire sans installer de panneaux sur leur toit, en obtenant des crédits sur leurs factures d'électricité via un abonnement.
Ce projet fait partie du portefeuille de développement en expansion de SolarBank, qui dépasse un gigawatt, démontrant leur engagement à promouvoir les initiatives solaires communautaires dans l'État de New York.
SolarBank hat Pläne zur Entwicklung eines 7,2 MW DC bodengebundenen Solarprojekts im Bundesstaat New York, bekannt als Glor Rd Projekt, angekündigt. Die Initiative soll etwa 850 Haushalte über ein gemeinschaftliches Solarmodell mit Strom versorgen.
Das Projekt hat einen Standortpachtvertrag gesichert und befindet sich in der Interkonnektionsstudie. Es wird den VDER-Tarifkompensationsmechanismus nutzen und für das erste Jahr eine durchschnittliche Vergütung von 0,0971 $/kWh prognostizieren. Die Entwicklung ist für Anreize des NYSERDA NY-Sun-Programms qualifiziert, mit einem Ziel von bis zu 0,245 $/W DC.
In Zusammenarbeit mit Solar Simplified, das die kundenorientierten Aktivitäten verwaltet, wird das Projekt als gemeinschaftliche Solaranlage betrieben. Dieses Modell ermöglicht es Anwohnern, von Solarstrom zu profitieren, ohne Panels auf ihren Häusern installieren zu müssen, indem sie über ein Abonnement Gutschriften auf ihre Stromrechnungen erhalten.
Das Projekt ist Teil der wachsenden Entwicklungspipeline von SolarBank, die über ein Gigawatt hinausgeht, und zeigt ihr Engagement für die Förderung gemeinschaftlicher Solarinitiativen in New York.
- 7.2 MW DC solar project adds to development pipeline exceeding 1 gigawatt
- Project eligible for NYSERDA NY-Sun Program incentives up to $0.245/W DC
- Secured site lease and interconnection study in progress
- Expected revenue stream of $0.0971/kWh through VDER compensation
- Partnership with Solar Simplified ensures full project subscription and maximized revenue from day one
- Project development contingent on successful interconnection study approval
- Requires additional financing to proceed with construction
- Risk of government revising or eliminating solar power incentives
- Multiple development dependencies including permits and community solar contracts
Insights
SolarBank's new 7.2MW community solar project advances their 1GW+ pipeline with NY incentives, though financial impact remains unquantified.
SolarBank Corporation has secured a site lease for its planned 7.2 MW DC ground-mount Glor Rd community solar project in upstate New York. This project represents a small but strategic addition to the company's development pipeline, which now exceeds one gigawatt. The project is still in early development stages with interconnection studies underway.
The economics of this project are structured around New York's Value of Distributed Energy Resources (VDER) compensation mechanism, projecting
The community solar business model is notable as it creates distributed revenue streams from multiple subscribers while feeding power into the local grid. SolarBank's partnership with Solar Simplified for customer acquisition and management allows the company to focus on technical development while potentially reducing subscription risk.
While this announcement signals continued execution of SolarBank's growth strategy, it lacks specific financial projections regarding capital investment requirements, expected returns, or timeline to completion. The cautionary statements highlight standard development risks including pending interconnection approval, permitting requirements, financing arrangements, and potential policy changes.
The addition of a project expected to power approximately 850 homes demonstrates incremental progress in SolarBank's business development efforts, though its materiality to overall company operations appears modest given the size of their development pipeline.
850 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
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
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