Welcome to our dedicated page for SolarBank Corporation news (Ticker: SUUN), a resource for investors and traders seeking the latest updates and insights on SolarBank Corporation stock.
SolarBank Corporation Common Stock (symbol: SUUN) is an independent renewable and clean energy project developer and asset operator. Headquartered in Canada, the company primarily operates in two key markets: Canada and the United States, specifically in the province of Ontario and the state of New York. SolarBank is dedicated to developing and operating solar photovoltaic (PV) power generation projects that contribute to a sustainable and clean energy future.
Recently, SolarBank Corporation announced its intention to develop a 6.41 MW DC ground-mount solar power project known as the Rice Road project. This project is located on a 16.98-acre site in Bloomfield, New York, and is expected to qualify for incentives under the New York State Energy Research and Development Authority (NYSERDA) NY-Sun Program. The company has secured a lease for the project site and received interconnection approval, allowing it to proceed with the permitting process and secure the financing needed for construction.
Once operational, the Rice Road project will function as a community solar project. Community solar allows multiple renters and homeowners to benefit from solar energy without installing panels on their homes. By subscribing to the project, participants receive credits on their electric bills corresponding to their share of the electricity generated by the project.
While the project is promising, it is not without risks. The success of the development depends on securing the necessary permits, ongoing third-party financing arrangements, and the continuation of government incentives and support schemes for solar power. Any changes in these factors could impact the project's viability.
About SolarBank Corporation:
SolarBank Corporation is focused on distributed and community solar projects that sell electricity to a diverse range of customers, including utilities, commercial entities, industrial sectors, municipal bodies, and residential off-takers. The company maximizes returns by maintaining a diverse portfolio of projects across multiple leading solar markets. These include utility-scale projects, community solar projects, and virtual net metering initiatives.
SolarBank has an impressive development pipeline of over one gigawatt and has successfully developed renewable and clean energy projects with a combined capacity of over 70 megawatts. This extensive experience and broad project portfolio position SolarBank as a significant player in the renewable energy sector in North America.
SolarBank (NASDAQ: SUUN) has announced plans to develop a 2.9 MW DC ground-mount solar power project called the Silver Springs project in Gainesville, New York. The project is in the early stages with a secured site lease and ongoing interconnection study. Once completed, it will operate as a community solar project, potentially serving over 340 homes.
Key points:
- Project is expected to be eligible for incentives under the NYSERDA NY-Sun Program
- Community solar allows renters and homeowners to benefit from renewable energy without installing panels
- SolarBank's focus on community solar aligns with its goal of providing clean, affordable energy
The company notes several risks associated with the project, including the need for interconnection approval, required permits, third-party financing, and construction risks. Additionally, changes in government incentives and policies for solar power could impact future project economics.
SolarBank (NASDAQ: SUUN) announces nearing completion of a 1.4 MW DC rooftop solar project in Calgary, Alberta for Fiera Real Estate Investments The project, expected to be operational in November 2024, contributes to Fiera Real Estate's Net Zero Carbon by 2040 target and expands SolarBank's portfolio. SolarBank is providing full-service development and EPC services for this pilot project, with potential for future collaborations.
Fiera Real Estate, a leading investment management company, manages over $7.4 billion USD in commercial real estate globally as of June 30, 2024. The project will operate as a small-scale generator in the Alberta Interconnected Electric System (AIES). Both companies view this as a significant step towards long-term growth and contribution to the global energy transition.
SolarBank (NASDAQ: SUUN) reported fiscal year 2024 results, highlighting a 217% increase in revenue to $58.4 million compared to $18.4 million in 2023. The company saw a 255% increase in cash flow from operating activities to $8.5 million. However, SolarBank reported a net loss of $3.6 million, or ($0.13) per basic share, compared to net income of $2.2 million in 2023. The loss includes expenses related to investor relations activities, listing fees, and a non-recurring impairment loss.
SolarBank's operational capacity stands at 32 MWdc with a development pipeline of approximately 1 GW. The company completed several projects and commenced construction on others during the fiscal year. Post-year-end, SolarBank closed its acquisition of Solar Flow-Through Funds , valued at up to $45 million, significantly expanding its IPP portfolio.
SolarBank (NASDAQ: SUUN) has submitted $1.5 million in grant applications for three fast electric vehicle (EV) charger projects in Ontario, Canada. The projects, owned by AI Renewable 2023 LP in partnership with a First Nation, are part of Natural Resources Canada's Zero Emission Vehicle Infrastructure Program (ZEVIP). SolarBank will serve as the turnkey developer, asset manager, and operations and maintenance provider.
The total cost of the projects is estimated at $2.3 million. Located in Woodstock, Peterborough, and Milton, two of the projects have additional grant applications under review by Ontario's EV ChargeON program. Results are expected by January 2025, with project completion anticipated by the fourth quarter of 2026.
This initiative represents AI Renewable's first EV charging investments, diversifying SolarBank's portfolio and advancing clean transportation in collaboration with First Nations.
SolarBank (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2), a Toronto-based renewable energy company, will be presenting at the Arcstone-Kingswood Growth Summit on September 26, 2024. The event, a premier growth conference for companies and investors, will be held at the Sheraton Centre Toronto Hotel.
CEO Dr. Richard Lu will speak from 4:05 - 4:55pm EDT on the subject of diversified growth. Dr. Lu expressed excitement about the opportunity to connect with investors and other growing companies at the summit.
The conference runs from 8:00am to 5:00pm EDT. Interested parties can find more information at the Arcstone Global Securities website.
SolarBank (NASDAQ: SUUN) has announced plans to develop a 7 MW DC ground-mount solar power project called the Hwy 28 project on a 45-acre site in Middletown, Delaware County, New York. This follows the announcement of a 5.4 MW project in Broome County, New York. The Hwy 28 project is expected to:
- Operate as a community solar site, selling credits to subscribers
- Provide green energy to over 800 homes once operational
- Be eligible for incentives under the NYSERDA NY-Sun Program
SolarBank has secured a lease for the site and received interconnection approval. The company will now focus on completing the permitting process and securing financing for construction. This project contributes to SolarBank's growing community solar portfolio and development pipeline, which now exceeds one gigawatt.
SolarBank (NASDAQ: SUUN) has announced plans to develop a 5.4 MW DC ground-mount solar power project in Broome County, New York. Known as the Boyle project, it is expected to operate as a community solar site, providing green energy to over 640 homes. The project is eligible for incentives under the NYSERDA NY-Sun Program.
Key features of the project include:
- Secured lease for the project site
- Applied for interconnection approval
- Plans to employ agrivoltaics, including sheep grazing
- Contributes to SolarBank's development pipeline exceeding one gigawatt
The project aims to improve soil health, foster healthy ecosystems, and provide additional income for local farmers through grazing services. Once operational, it will allow community members to access renewable energy benefits without installing panels on their homes.
SolarBank (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) has announced the release date for its annual financial results for the fiscal year ending June 30, 2024. The company will publish its financial report after the Nasdaq market closes on Monday, September 30, 2024. Following the release, SolarBank will host a webinar to provide a business update and discuss the annual results.
The webinar is scheduled for September 30, 2024, at 4:00 PM Eastern Time (US and Canada). Interested parties can register in advance for the webinar through the provided Microsoft Teams event link. Upon registration, participants will receive a confirmation email with details on how to join the webinar.
SolarBank (NASDAQ: SUUN) has announced plans to develop a 6.41 MW DC ground-mount solar power project in East Bloomfield, New York. The project is expected to operate as a community solar site, providing green energy to over 800 homes. Key points include:
- Secured lease and interconnection approval
- Received Special Use Permit from East Bloomfield
- Eligible for NYSERDA NY-Sun Program incentives
- Aligns with SolarBank's goal of powering homes with clean, affordable energy
The company is working to complete permitting and secure financing for construction. Once operational, subscribers will earn credits on their electric bills from the solar energy generated by the project.
SolarBank (NASDAQ: SUUN) announces plans to develop a 7 MW DC ground-mount solar power project in Clay, New York. The Oak Orchard project, situated on a 23-acre closed landfill, aims to repurpose the land for green energy production. Key highlights include:
1. Expected to operate as a community solar site, providing credits to subscribers
2. Anticipated to supply green energy to over 800 homes once operational
3. Eligible for incentives under the NYSERDA NY-Sun Program
4. Lease secured for the project site
5. Interconnection approval application submitted
The project's success depends on factors such as interconnection approval, permitting, financing, and construction risks. SolarBank emphasizes the potential benefits of community solar while acknowledging the associated development challenges.
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