5.4 MW Solar Project Under Development by SolarBank in Broome County, New York

Rhea-AI Summary

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.

Positive

• Development of a 5.4 MW DC solar power project in New York
• Expected to provide green energy to over 640 homes
• Eligible for NYSERDA NY-Sun Program incentives
• Employs agrivoltaics, combining solar energy production with agriculture
• Contributes to SolarBank's development pipeline exceeding one gigawatt
• Provides additional income for local farmers through grazing services

Negative

• Project development subject to interconnection approval and required permits
• Dependent on continued availability of third-party financing arrangements
• Risks associated with solar power project construction
• Potential for government revision or elimination of solar power incentives

• Expected to operate as a community solar site, selling credits to subscribers.
• Over 640 homes expected to be provided green energy once operational.
• Eligible to participate in the NYSUN program to receive NYSERDA incentives.

TORONTO, Sept. 23, 2024 /PRNewswire/ - SolarBank Corporation (NASDAQ: SUUN; Cboe CA: SUNN, FSE: GY2) ("SolarBank" or the "Company") announces that it intends to develop a 5.4 MW DC ground-mount solar power project known as the Boyle project (the "Project") on a site located in Broome County, New York. The Project is expected to be eligible for incentives under the New York State Energy Research and Development Authority ("NYSERDA") NY-Sun Program.

The Company has secured a lease over the Project site and has applied for interconnection approval. The Boyle Project is a key addition to SolarBank's growing community solar portfolio, and contributes to the Company's extensive development pipeline, which now exceeds one gigawatt.

The Project is expected to employ agrivoltaics (the dual use of land for solar energy production and agriculture) including sheep grazing with a local agricultural partner. Research has shown that managed grazing simultaneously works to improve soil health and foster healthy ecosystems, while managing vegetation around the solar panels through natural, effective means. Grazing sheep at solar farms contributes dairy, meat, and wool to the locally sourced, renewable farm market. Contracts for grazing services provide farmers with a reliable source of new income, on top of what they earn via products they produce.

Once completed, the Project will be operated as a community solar project. The clean energy generated by a community solar project feeds directly into the local electricity grid. Depending on the size and number of panels the project has, dozens or even hundreds of renters and homeowners can earn credits on their electric bill and save money from the electricity that is generated by the project. By subscribing to a project, community members can access the benefits of renewable energy without having to install panels on their home. SolarBank's strategic focus on community solar aligns with its goal of powering thousands of homes with clean and affordable energy.

There are several risks associated with the development of the Project. The development of any project is subject to receipt of 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 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 Canada and the USA. The Company develops solar projects that sell electricity to utilities, commercial, industrial, municipal and residential off-takers. The Company maximizes returns via a diverse portfolio of projects across multiple leading solar markets including projects with utilities, host off-takers, community solar, and virtual net metering projects. The Company has a potential development pipeline of over one gigawatt and has developed renewable and clean energy projects with a combined capacity of over 70 megawatts built. To learn more about SolarBank, please visit www.solarbankcorp.com.

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 reduction of carbon emissions; the use and benefits of agrivoltaics for the project; the receipt of interconnection approval, permits and financing to be able to construct the Project; 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

FAQ

What is the capacity of SolarBank's Boyle project in Broome County, New York?

The Boyle project in Broome County, New York, has a capacity of 5.4 MW DC ground-mount solar power.

How many homes is the SolarBank (SUUNF) Boyle project expected to provide green energy to?

Once operational, the Boyle project is expected to provide green energy to over 640 homes.

What incentive program is the SolarBank Boyle project eligible for in New York?

The Boyle project is eligible to participate in the NYSERDA NY-Sun Program to receive incentives.

How does SolarBank (SUUNF) plan to incorporate agriculture into the Boyle solar project?

SolarBank plans to employ agrivoltaics, including sheep grazing with a local agricultural partner, combining solar energy production with agriculture.

What is the current size of SolarBank's (SUUNF) development pipeline after adding the Boyle project?

After adding the Boyle project, SolarBank's development pipeline now exceeds one gigawatt.