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 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.
SolarBank (Nasdaq: SUUN) has begun construction on a 1.4 MW DC rooftop solar project for Fiera Real Estate in Alberta. The project, expected to operate as a 'Small Scale Generator,' marks SolarBank's first construction project for Fiera, with more anticipated in the future. Construction started on July 15, 2024, with major equipment deliveries and site preparations underway. The project is slated for completion in November 2024.
This initiative aligns with Fiera's Net Zero Pathway, targeting Net Zero Carbon by 2040. Fiera Real Estate, a leading investment management company, globally manages over USD$7.0 billion of commercial real estate. The project is part of a broader effort to combat climate change, particularly relevant given Alberta's record-breaking wildfire season in 2023.
SolarBank (NASDAQ: SUUN) has announced an update on its 3.25 MW DC ground-mount solar power project in Camillus, New York. The project, located on a closed landfill, has received plan approval and a special use permit from the town. It is expected to be eligible for incentives under the NYSERDA NY-Sun Program. The final step in development is securing financing, with construction anticipated to begin in Q3 2024.
This project is part of SolarBank's growing independent power producer assets portfolio, which currently has a combined capacity of 50.76 MW (32 MW operating and 18.76 MW under construction). Once operational, it will function as a community solar site, providing green energy to approximately 360 homes through a subscription model. Subscribers will earn credits on their electric bills from the solar energy generated by the project.
SolarBank (SUUN) has completed the $45 million acquisition of Solar Flow-Through Funds (SFF), adding over 70 operating solar sites in Ontario to its portfolio. This all-stock transaction involved issuing up to 5,859,561 SolarBank shares. SFF's revenue was $9.2 million in 2023 and $9.4 million in 2022. The combined entities now have a 50.76 MW capacity, with 28.8 MW from SFF's sites, 14.97 MW from battery projects, and ongoing developments in Ontario. The deal includes contingent value rights tied to the final valuation of SFF's battery energy storage portfolio. The acquisition strategy supports SolarBank's expansion in renewable energy assets and aims to enhance long-term shareholder value.
SolarBank has secured a US$2.6 million construction loan from Seminole Financial Services to complete the 3.79 MW Geddes Project in Upstate New York. Once operational in Q3 2024, the project will supply green energy to over 500 homes. This community solar project repurposes a closed landfill, transforming it into a valuable asset. Seminole has funded over US$2.5 billion in renewable energy projects across the U.S. The loan will convert to a mini-perm loan upon project completion and is secured against the project's assets. No shares are issuable in connection with this loan.
SolarBank announced plans to develop a 6.41 MW DC ground-mount solar project in Bloomfield, New York, named the Rice Road Project. The project aims to provide green energy to over 800 homes and will operate as a community solar site, allowing subscribers to earn credits on their electric bills. The project is eligible for incentives under the NY-Sun Program from the New York State Energy Research and Development Authority (NYSERDA).
SolarBank has secured a lease for the project site and received interconnection approval. The next steps include completing the permitting process and securing financing for construction. The development faces risks such as obtaining necessary permits and third-party financing, as well as potential changes in government incentives and policies.
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