SolarBank Provides Update on 14.4 MW Projects in Skaneateles, New York
SolarBank (NASDAQ: SUUN) has announced progress on two community solar projects in Skaneateles, New York, with a combined capacity of 14.4 MW DC. The projects, located on industrial brownfield sites in the Finger Lakes Region, have achieved a key milestone by receiving positive interconnection results through a completed Coordinated Electric System Interconnection Review (CESIR).
The projects are expected to power approximately 2,100 homes and qualify for incentives under the NYSERDA NY-Sun Program. The next phase involves completing the permitting process, which is already in progress. Once operational, these community solar installations will allow local residents to subscribe and earn credits on their electric bills from the generated solar power, potentially reducing their electricity costs compared to standard utility rates.
SolarBank (NASDAQ: SUUN) ha annunciato progressi in due progetti di energia solare comunitaria a Skaneateles, New York, con una capacità combinata di 14,4 MW DC. I progetti, situati su terreni industriali inquinati nella regione dei Finger Lakes, hanno raggiunto un traguardo importante ricevendo risultati di interconnessione positivi tramite un'analisi di interconnessione del sistema elettrico coordinato (CESIR) completata.
I progetti si prevede che alimenteranno circa 2.100 abitazioni e qualificano per incentivi sotto il programma NYSERDA NY-Sun. La fase successiva prevede il completamento del processo di autorizzazione, già in corso. Una volta operativi, questi impianti di energia solare comunitaria permetteranno ai residenti locali di iscriversi e guadagnare crediti sulle loro bollette elettriche grazie all'energia solare generata, potenzialmente riducendo i loro costi elettrici rispetto alle tariffe standard delle utilità.
SolarBank (NASDAQ: SUUN) ha anunciado avances en dos proyectos de energía solar comunitaria en Skaneateles, Nueva York, con una capacidad combinada de 14,4 MW DC. Los proyectos, ubicados en sitios industriales contaminados en la región de los Finger Lakes, han alcanzado un hito clave al recibir resultados positivos de interconexión a través de una Revisión de Interconexión del Sistema Eléctrico Coordinado (CESIR) completada.
Se espera que los proyectos alimenten aproximadamente 2,100 hogares y califiquen para incentivos bajo el Programa NYSERDA NY-Sun. La siguiente fase implica completar el proceso de permisos, que ya está en progreso. Una vez operativos, estas instalaciones solares comunitarias permitirán a los residentes locales suscribirse y ganar créditos en sus facturas eléctricas por la energía solar generada, lo que podría reducir sus costos eléctricos en comparación con las tarifas estándar de las utilidades.
SolarBank (NASDAQ: SUUN)는 뉴욕 스카니에텔레스에서 합계 14.4 MW DC의 용량을 가진 두 개의 커뮤니티 태양광 프로젝트에 대한 진전을 발표했습니다. 이 프로젝트는 핑거 레이크 지역의 산업 오염지가 위치해 있으며, 완료된 조정 전력 시스템 상호 연결 검토(CESIR)를 통해 긍정적인 상호 연결 결과를 받음으로써 중요한 이정표를 달성했습니다.
이 프로젝트들은 약 2,100 가구에 전력을 공급할 것으로 예상되며, NYSERDA NY-Sun 프로그램에 따라 인센티브를 받을 수 있는 자격을 갖추고 있습니다. 다음 단계는 이미 진행 중인 허가 과정을 완료하는 것입니다. 이 커뮤니티 태양광 시설이 운영을 시작하면, 지역 주민들이 구독하고 생성된 태양광으로부터 전기 요금에서 크레딧을 얻어 전기 비용을 절감할 수 있습니다.
SolarBank (NASDAQ: SUUN) a annoncé des progrès sur deux projets solaires communautaires à Skaneateles, New York, avec une capacité combinée de 14,4 MW DC. Les projets, situés sur des sites industriels pollués dans la région des Finger Lakes, ont atteint une étape clé en recevant des résultats d'interconnexion positifs grâce à une Revue de l'interconnexion du système électrique coordonné (CESIR) terminée.
Ces projets devraient alimenter environ 2 100 foyers et se qualifier pour des incitations dans le cadre du programme NYSERDA NY-Sun. La prochaine phase consiste à finaliser le processus de permis, qui est déjà en cours. Une fois opérationnelles, ces installations solaires communautaires permettront aux résidents locaux de s'abonner et de gagner des crédits sur leurs factures d'électricité grâce à l'énergie solaire générée, ce qui pourrait réduire leurs coûts d'électricité par rapport aux tarifs standards des services publics.
SolarBank (NASDAQ: SUUN) hat Fortschritte bei zwei Gemeinschafts-Solarprojekten in Skaneateles, New York, mit einer kombinierten Kapazität von 14,4 MW DC bekannt gegeben. Die Projekte, die auf industriellen Altlasten in der Region Finger Lakes angesiedelt sind, haben einen wichtigen Meilenstein erreicht, indem sie positive Netzanbindungsresultate durch eine abgeschlossene Überprüfung der koordinierten elektrischen Systemanbindung (CESIR) erhalten haben.
Die Projekte werden voraussichtlich etwa 2.100 Haushalte mit Strom versorgen und qualifizieren sich für Anreize im Rahmen des NYSERDA NY-Sun-Programms. Die nächste Phase besteht darin, den Genehmigungsprozess abzuschließen, der bereits im Gange ist. Sobald sie in Betrieb sind, ermöglichen diese Gemeinschafts-Solaranlagen den Anwohnern, sich anzumelden und Guthaben auf ihren Stromrechnungen aus der erzeugten Solarenergie zu verdienen, wodurch sie ihre Stromkosten im Vergleich zu den Standardtarifen der Versorgungsunternehmen möglicherweise senken können.
- Received positive interconnection approval for 14.4 MW DC projects
- Projects eligible for NYSERDA NY-Sun Program incentives
- Will provide clean energy to approximately 2,100 homes
- Located on brownfield sites, indicating efficient land use
- Project completion subject to pending permits and financing
- Development contingent on securing community solar contracts
- Risk of government policy changes affecting solar incentives
2,100 Homes Expected to be Powered by these Community Solar Projects
Following receipt of the necessary permits and financing, the Company intends to commence the construction of the Projects. Once completed, each of the Projects 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. This allows homeowners to realize a reduced cost per kW/hour from the power they consume versus standard utility rates.
There are several risks associated with the development of the Projects. The development of any project is subject to 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 Projects 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 permits and financing to be able to construct the Projects; the receipt of incentives for the Projects; 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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