SolarBank';s First Solar Project Under Development for Fiera Real Estate Nears Completion
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) annuncia il completamento imminente di un progetto solare da 1,4 MW DC su tetto a Calgary, Alberta, per Fiera Real Estate Investments. Il progetto, previsto per essere operativo nel novembre 2024, contribuisce all'obiettivo di Fiera Real Estate di raggiungere un carbonio netto zero entro il 2040 e amplia il portafoglio di SolarBank. SolarBank fornisce servizi di sviluppo e EPC a servizio completo per questo progetto pilota, con potenziali collaborazioni future.
Fiera Real Estate, una delle principali società di gestione degli investimenti, gestisce oltre 7,4 miliardi di dollari USA in immobili commerciali a livello globale al 30 giugno 2024. Il progetto funzionerà come generatore di piccola scala all'interno del Sistema Elettrico Interconnesso dell'Alberta (AIES). Entrambe le aziende vedono questo come un passo significativo verso una crescita a lungo termine e un contributo alla transizione energetica globale.
SolarBank (NASDAQ: SUUN) anuncia la inminente finalización de un proyecto solar en el tejado de 1,4 MW DC en Calgary, Alberta, para Fiera Real Estate Investments. Se espera que el proyecto esté operativo en noviembre de 2024, y contribuirá al objetivo de Fiera Real Estate de lograr cero emisiones de carbono netas para 2040 y ampliará el portafolio de SolarBank. SolarBank está proporcionando servicios de desarrollo y EPC de servicio completo para este proyecto piloto, con potencial para futuras colaboraciones.
Fiera Real Estate, una empresa líder en gestión de inversiones, gestiona más de 7.4 mil millones de dólares estadounidenses en bienes raíces comerciales a nivel mundial a partir del 30 de junio de 2024. El proyecto operará como un generador a pequeña escala dentro del Sistema Eléctrico Interconectado de Alberta (AIES). Ambas compañías ven esto como un paso significativo hacia un crecimiento a largo plazo y una contribución a la transición energética global.
SolarBank (NASDAQ: SUUN)은 알버타 캘거리에서 Fiera Real Estate Investments를 위한 1.4 MW DC 옥상 태양광 프로젝트의 완료를 가까이 하고 있음을 발표했습니다. 이 프로젝트는 2024년 11월에 가동될 예정이며, Fiera Real Estate의 2040년까지 탄소 배출 제로 목표에 기여하고 SolarBank의 포트폴리오를 확장합니다. SolarBank는 이 시범 프로젝트를 위해 전방위적 개발 및 EPC 서비스를 제공하고 있으며, 향후 협력 가능성도 있습니다.
Fiera Real Estate는 선도적인 투자 관리 회사로, 2024년 6월 30일 기준으로 전 세계에서 74억 달러 이상의 상업용 부동산을 관리하고 있습니다. 이 프로젝트는 알버타 상호 연결 전력망(AIES) 내에서 소규모 발전기로 운영될 것입니다. 두 회사 모두 이를 장기적인 성장과 글로벌 에너지 전환에 기여하는 중요한 단계로 보고 있습니다.
SolarBank (NASDAQ: SUUN) annonce l'achèvement imminent d'un projet solaire sur toit de 1,4 MW DC à Calgary, Alberta, pour Fiera Real Estate Investments. Le projet, qui devrait être opérationnel en novembre 2024, contribue à l'objectif de Fiera Real Estate d'atteindre la carboneutralité d'ici 2040 et élargit le portefeuille de SolarBank. SolarBank fournit des services de développement complets et des services EPC pour ce projet pilote, avec un potentiel de collaborations futures.
Fiera Real Estate, un leader dans la gestion d'investissements, gère plus de 7,4 milliards de dollars USD en immobilier commercial à l'échelle mondiale au 30 juin 2024. Le projet fonctionnera comme un générateur à petite échelle dans le Système Électrique Interconnecté de l'Alberta (AIES). Les deux entreprises considèrent cela comme une étape significative vers une croissance à long terme et une contribution à la transition énergétique mondiale.
SolarBank (NASDAQ: SUUN) kündigt den bevorstehenden Abschluss eines 1,4 MW DC-Dachsolarkraftwerks in Calgary, Alberta, für Fiera Real Estate Investments an. Das Projekt, das voraussichtlich im November 2024 in Betrieb genommen wird, trägt zum Ziel von Fiera Real Estate bei, bis 2040 Netto-Null-Kohlenstoffemissionen zu erreichen, und erweitert das Portfolio von SolarBank. SolarBank bietet umfassende Entwicklungs- und EPC-Dienstleistungen für dieses Pilotprojekt an, mit Potenzial für zukünftige Zusammenarbeit.
Fiera Real Estate, ein führendes Unternehmen im Bereich Investment Management, verwaltet seit dem 30. Juni 2024 weltweit über 7,4 Milliarden USD in Handelsimmobilien. Das Projekt wird als Kleinleitungsgenerator im Alberta Interconnected Electric System (AIES) betrieben. Beide Unternehmen betrachten dies als einen wichtigen Schritt in Richtung langfristigem Wachstum und Beitrag zur globalen Energiewende.
- Nearing completion of a 1.4 MW DC rooftop solar project
- Project expected to be operational in November 2024
- Potential for future projects with Fiera Real Estate
- Expansion of SolarBank's project portfolio
- Partnership with a major real estate investment company managing $7.4 billion USD in assets
- Risks associated with solar power project development
- Potential for government revisions or elimination of incentives for solar power
- Future projects may become economically unviable due to policy changes
Insights
The completion of SolarBank's 1.4 MW DC rooftop solar project for Fiera Real Estate is a positive development, albeit with immediate financial impact. This pilot project serves as a strategic entry point into a potentially lucrative partnership with Fiera Real Estate, which manages
The project's expected completion in November 2024 aligns with Fiera's Net Zero Carbon by 2040 targets, positioning SolarBank as a key partner in sustainable infrastructure. While the financial terms of this specific project aren't disclosed, the prospect of future projects with Fiera Real Estate could significantly boost SolarBank's project pipeline and revenue streams.
Investors should note that this project demonstrates SolarBank's ability to secure contracts with major real estate players, potentially opening doors to similar partnerships. However, the company's
The 1.4 MW DC rooftop solar project in Calgary represents a modest but strategic addition to Alberta's renewable energy landscape. As a small-scale generator in the Alberta Interconnected Electric System (AIES), it contributes to the province's diversification of energy sources.
SolarBank's full-service approach, offering both development and EPC services, showcases their end-to-end capabilities in the solar sector. This vertically integrated model can be attractive to large property owners like Fiera Real Estate, potentially leading to more comprehensive and efficient project executions.
The partnership with a major player like Fiera Real Estate could serve as a catalyst for SolarBank's growth in the commercial real estate solar market. However, investors should be aware of the risks mentioned, including potential changes in government incentives for solar power, which could impact the economic viability of future projects.
$7.4 billion USD- 1.4-Megawatt rooftop project is being built as pilot project
- Construction expected to reach completion in November 2024
Contributing to Fiera Real Estate's commitment to its Net Zero Pathway where two of its funds have established targets of Net Zero Carbon by 2040as well as the further expansion of the SolarBank portfolio, the Project is expected to become operational in November 2024 as a small-scale generator in the Alberta Interconnected Electric System (AIES). With the support of Zathura Investments, SolarBank is providing full-service development and engineering, procurement and construction (EPC) services for the Project under an EPC agreement with Fiera Real Estate. Following the completion of this pilot project, the Company expects to complete additional projects for Fiera Real Estate in the future.
"We are thrilled to be nearing completion of our first project for Fiera Real Estate, which marks a significant step toward our companies' mutual goals of long-term growth and contribution to the global energy transition," stated Dr. Richard Lu, SolarBank's CEO. "We are looking forward to what's ahead for our partnership with Fiera Real Estate and continuing to develop projects that advance sustainability initiatives for our partners and communities."
Fiera Real Estate is a leading investment management company with offices in
There are several risks associated with the development of the Project. In addition to the risks associated with the construction of a solar power project, governments may revise, reduce or eliminate incentives and policy support schemes for solar power, which could result in future projects no longer being economical. 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
About Zathura Investments
Zathura Investments is a trusted partner of landlords across
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 completion of additional projects for Fiera, the expected timeline to complete construction of the Project and its commencement of operations; the goals of long-term growth and contribution to the global energy transition; advancement of sustainability initiatives for partners and communities; and the receipt of incentives for the Project. 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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