$7.3 million USD Transaction Entered into with Solar Advocate Development LLC for the Sale and Construction of the Camillus Solar Project
SolarBank (NASDAQ: SUUN) has announced a $7.3 million USD transaction with Solar Advocate Development for the sale and construction of the 3.26 MW Camillus Solar Project. The project, to be built on a closed landfill site, will operate as a community solar project eligible for NYSERDA NY-Sun Program incentives.
The Company has already secured key milestones including:
- Completed interconnection agreement with utility company
- Obtained local authority permits
- Initiated engineering and construction
- Secured major equipment orders from Tier 1 suppliers
This marks the eighth community solar project with Solar Advocate since their relationship began in 2018. The EPC agreement, dated March 18, 2025, covers both the sale price and construction value at approximately $7.3 million USD.
SolarBank (NASDAQ: SUUN) ha annunciato una transazione di 7,3 milioni di dollari USA con Solar Advocate Development per la vendita e la costruzione del progetto solare Camillus da 3,26 MW. Il progetto, che sarà realizzato su un sito di discarica chiuso, opererà come un progetto solare comunitario idoneo per gli incentivi del programma NYSERDA NY-Sun.
La società ha già raggiunto traguardi chiave tra cui:
- Accordo di interconnessione completato con la compagnia elettrica
- Permessi delle autorità locali ottenuti
- Inizio dell'ingegneria e della costruzione
- Ordini di attrezzature principali garantiti da fornitori di livello 1
Questo segna l'ottavo progetto solare comunitario con Solar Advocate da quando è iniziata la loro collaborazione nel 2018. L'accordo EPC, datato 18 marzo 2025, copre sia il prezzo di vendita che il valore della costruzione, per un totale di circa 7,3 milioni di dollari USA.
SolarBank (NASDAQ: SUUN) ha anunciado una transacción de 7.3 millones de dólares estadounidenses con Solar Advocate Development para la venta y construcción del proyecto solar Camillus de 3.26 MW. El proyecto, que se construirá en un sitio de vertedero cerrado, funcionará como un proyecto solar comunitario elegible para los incentivos del programa NYSERDA NY-Sun.
La empresa ya ha asegurado hitos clave, incluyendo:
- Acuerdo de interconexión completado con la compañía de servicios públicos
- Permisos de las autoridades locales obtenidos
- Inicio de la ingeniería y la construcción
- Órdenes de equipos importantes aseguradas de proveedores de nivel 1
Este es el octavo proyecto solar comunitario con Solar Advocate desde que comenzó su relación en 2018. El acuerdo EPC, fechado el 18 de marzo de 2025, cubre tanto el precio de venta como el valor de construcción, por un total de aproximadamente 7.3 millones de dólares estadounidenses.
SolarBank (NASDAQ: SUUN)은 Solar Advocate Development와 730만 달러의 거래를 발표했습니다. 이 거래는 3.26 MW Camillus 태양광 프로젝트의 판매 및 건설을 포함합니다. 이 프로젝트는 폐쇄된 쓰레기 매립지 부지에 건설되며, NYSERDA NY-Sun 프로그램 인센티브에 적합한 지역 사회 태양광 프로젝트로 운영될 것입니다.
회사는 이미 다음과 같은 주요 이정표를 확보했습니다:
- 전력 회사와의 상호 연결 계약 완료
- 지역 당국 허가 취득
- 엔지니어링 및 건설 시작
- 1급 공급업체로부터 주요 장비 주문 확보
이 프로젝트는 2018년 그들의 관계가 시작된 이후 Solar Advocate와 함께하는 여덟 번째 지역 사회 태양광 프로젝트입니다. 2025년 3월 18일자로 된 EPC 계약은 판매 가격과 건설 가치를 약 730만 달러로 포함합니다.
SolarBank (NASDAQ: SUUN) a annoncé une transaction de 7,3 millions de dollars américains avec Solar Advocate Development pour la vente et la construction du projet solaire Camillus de 3,26 MW. Le projet, qui sera construit sur un site de décharge fermé, fonctionnera comme un projet solaire communautaire éligible aux incitations du programme NYSERDA NY-Sun.
L'entreprise a déjà atteint des jalons clés, notamment :
- Accord d'interconnexion conclu avec la compagnie d'électricité
- Permis des autorités locales obtenus
- Ingénierie et construction lancées
- Commandes d'équipement majeures sécurisées auprès de fournisseurs de premier plan
Ceci marque le huitième projet solaire communautaire avec Solar Advocate depuis le début de leur relation en 2018. L'accord EPC, daté du 18 mars 2025, couvre à la fois le prix de vente et la valeur de construction d'environ 7,3 millions de dollars américains.
SolarBank (NASDAQ: SUUN) hat eine Transaktion im Wert von 7,3 Millionen US-Dollar mit Solar Advocate Development für den Verkauf und Bau des 3,26 MW Camillus Solarprojekts angekündigt. Das Projekt, das auf einem geschlossenen Deponiegelände errichtet wird, wird als gemeinschaftliches Solarprojekt betrieben, das für die Anreize des NYSERDA NY-Sun-Programms berechtigt ist.
Das Unternehmen hat bereits wichtige Meilensteine erreicht, darunter:
- Abgeschlossenes Interkonnektionsabkommen mit dem Versorgungsunternehmen
- Genehmigungen von den lokalen Behörden erhalten
- Ingenieurwesen und Bau begonnen
- Wichtige Ausrüstungsbestellungen von Tier-1-Lieferanten gesichert
Dies ist das achte gemeinschaftliche Solarprojekt mit Solar Advocate seit Beginn ihrer Zusammenarbeit im Jahr 2018. Der EPC-Vertrag, datiert auf den 18. März 2025, umfasst sowohl den Verkaufspreis als auch den Bauwert von etwa 7,3 Millionen US-Dollar.
- Secured $7.3M USD revenue through combined sale and EPC contract
- Demonstrates strong customer retention with 8th project for same client
- All major permits and agreements already secured
- Equipment procurement from Tier 1 suppliers already initiated
- Project completion dependent on third-party financing availability
- Risk of EPC agreement termination could prevent full revenue realization
- Future projects' profitability dependent on government incentives
Insights
SolarBank's
The repeat business from Solar Advocate Development (eighth project since 2018) validates SolarBank's execution capability and suggests a predictable revenue stream from established customer relationships. This transaction helps diversify their business model across both EPC services and the Independent Power Producer segment.
What's particularly notable is SolarBank's apparent supply chain resilience, having already secured critical equipment from Tier 1 suppliers in a market still experiencing occasional constraints. The company has also mitigated regulatory risk by obtaining necessary permits and interconnection agreements in advance.
The project's eligibility for NYSERDA NY-Sun Program incentives provides important economic support, though investors should note the company's appropriate disclosure about the ongoing dependency on government incentives for project economics. While this single transaction won't transform SolarBank's financial trajectory, it demonstrates operational momentum and successful strategy execution in the US community solar market.
This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated May 23, 2024, to its short form base shelf prospectus dated May 2, 2023
Dr. Richard Lu, CEO of the Company commented: "This is the eighth community solar project that will be constructed and operated for Solar Advocate as part of a relationship that originated in 2018. The fact that they are a repeat customer is a testament to SolarBank's ability to deliver projects and create long term sustainable value for its partners. We continue to execute on our strategy of growth in the EPC segment of the business and the Independent Power Producer segment of the business."
The Project is being constructed as a 3.26 MW DC ground-mount solar power project on a closed landfill site and will operate as a community solar project. The Project is expected to be eligible for incentives under the
Engineering and initial construction have commenced and the Company has initiated procurement of major equipment. The Company has also leveraged its strong relationships with Tier 1 suppliers to secure major equipment orders of solar panels, inverters, racking, and transformers necessary for the Project. The Company will now continue to build the Project for the Owner to commercial operation via an engineering, procurement, and construction ("EPC") agreement dated March 18, 2025. The sale price for the Project, and value of the EPC agreement, are approximately
There are several risks associated with the development of the Project. The development of any project is subject to the continued availability of third-party financing arrangements for the Owner and the risks associated with the construction of a solar power project. If the EPC agreement is terminated, the Company will not achieve the full transaction value. 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 statements 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 expected value of the EPC agreement; the reduction of carbon emissions; and 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 Owner will continue to have access to financing to construct the Project; that the EPC agreement will not be terminated; 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; the EPC agreement is subject to termination in certain circumstances; 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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