3.1-Megawatt Solar Project in Development by SolarBank in Nova Scotia
SolarBank has announced plans to develop a 3.1 MW DC ground-mount solar power project in Nova Scotia, known as the West Petpeswick project. This initiative is part of the Nova Scotia Community Solar Program, supporting the province's goal of 80% renewable energy by 2030. The project, owned by AI Renewable, is expected to power approximately 290 homes and will allow community members to earn credits on their electric bills, saving $0.02/kWh. This development is part of SolarBank's larger plan to develop an additional 31 MW of solar projects in Nova Scotia.
SolarBank ha annunciato piani per sviluppare un progetto solare di 3,1 MW DC a terra in Nova Scotia, conosciuto come il progetto West Petpeswick. Questa iniziativa fa parte del Programma Solare Comunitario della Nova Scotia, sostenendo l'obiettivo della provincia di raggiungere l'80% di energia rinnovabile entro il 2030. Il progetto, di proprietà di AI Renewable, prevede di alimentare circa 290 abitazioni e consentirà ai membri della comunità di guadagnare crediti sulle loro bollette elettriche, risparmiando $0,02/kWh. Questo sviluppo è parte del piano più ampio di SolarBank per sviluppare ulteriori 31 MW di progetti solari in Nova Scotia.
SolarBank ha anunciado planes para desarrollar un proyecto solar de 3,1 MW DC anclado en el suelo en Nueva Escocia, conocido como el proyecto West Petpeswick. Esta iniciativa es parte del Programa Solar Comunitario de Nueva Escocia, apoyando el objetivo de la provincia de alcanzar el 80% de energía renovable para 2030. El proyecto, de propiedad de AI Renewable, se espera que suministre energía a aproximadamente 290 hogares y permitirá a los miembros de la comunidad ganar créditos en sus facturas eléctricas, ahorrando $0,02/kWh. Este desarrollo es parte del plan más amplio de SolarBank para desarrollar otros 31 MW de proyectos solares en Nueva Escocia.
SolarBank는 노바스코샤에서 3.1 MW DC 지상 태양광 프로젝트인 웨스트 페트페스윅 프로젝트를 개발할 계획을 발표했습니다. 이 이니셔티브는 노바스코샤 커뮤니티 태양광 프로그램의 일환으로, 2030년까지 80%의 재생 가능 에너지를 목표로 하는 주의 계획을 지원합니다. AI Renewable이 소유하는 이 프로젝트는 약 290 가구에 전력을 공급할 것으로 예상되며, 지역 사회 구성원이 전기 요금에서 크레딧을 받을 수 있도록 하여 $0.02/kWh를 절약할 수 있게 됩니다. 이 개발은 노바스코샤에서 추가로 31 MW의 태양광 프로젝트를 개발하려는 SolarBank의 더 큰 계획의 일환입니다.
SolarBank a annoncé des projets pour développer un projet solaire de 3,1 MW DC monté au sol en Nouvelle-Écosse, connu sous le nom de projet West Petpeswick. Cette initiative fait partie du Programme Solaire Communautaire de la Nouvelle-Écosse, soutenant l'objectif de la province d'atteindre 80% d'énergie renouvelable d'ici 2030. Le projet, détenu par AI Renewable, devrait alimenter environ 290 foyers et permettra aux membres de la communauté de gagner des crédits sur leurs factures d'électricité, économisant 0,02 $/kWh. Ce développement s'inscrit dans le plan plus large de SolarBank de développer 31 MW supplémentaires de projets solaires en Nouvelle-Écosse.
SolarBank hat Pläne angekündigt, ein 3,1 MW DC Freiflächen-Solarprojekt in Nova Scotia zu entwickeln, das als West Petpeswick-Projekt bekannt ist. Diese Initiative ist Teil des Nova Scotia Community Solar Program und unterstützt das Ziel der Provinz, bis 2030 80% erneuerbare Energie zu erreichen. Das Projekt, das im Besitz von AI Renewable ist, wird voraussichtlich etwa 290 Haushalte mit Strom versorgen und den Mitgliedern der Gemeinschaft ermöglichen, auf ihren Stromrechnungen Gutschriften zu verdienen, wodurch sie $0,02/kWh sparen können. Diese Entwicklung ist Teil von SolarBanks umfassenderem Plan, weitere 31 MW an Solarprojekten in Nova Scotia zu entwickeln.
- Project will power 290 homes through community solar initiative
- Part of larger 31 MW development portfolio in Nova Scotia
- Secured site lease already in place
- Provides $0.02/kWh savings for community subscribers
- Project subject to pending community solar contract approval
- Requires additional permitting and interconnection approvals
- Dependent on third-party financing arrangements
- Exposed to potential policy and incentive reduction risks
Insights
This 3.1 MW community solar project announcement represents a modest expansion of SolarBank's Nova Scotia portfolio. While the project itself is relatively small, powering approximately 290 homes, it's part of a larger 31 MW development pipeline in the province. The economics look promising with subscribers receiving
The project aligns with Nova Scotia's ambitious renewable energy targets of
290 Homes Expected to be Powered by this Community Solar Project
The clean energy generated by community solar projects feeds directly into the local electricity grid. Depending on the size and number of panels a community solar project has, renters, and business or homeowners can earn credits on their electric bill and save
With a secured site lease in place, the Company will continue to work to complete the permitting process of the Project.
There are several risks associated with the development of the Project. The development of any project is subject to receipt of a community solar contract, interconnection approval, 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 interconnection approval, permits and financing to be able to construct the Project; the receipt of incentives for the Project; 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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