7.00 MW Solar Project Under Development by SolarBank in Clay, New York
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) annuncia piani per sviluppare un progetto di energia solare da 7 MW DC su terreno a Clay, New York. Il progetto Oak Orchard, situato su una discarica chiusa di 23 acri, mira a riutilizzare il terreno per la produzione di energia verde. I punti salienti includono:
1. Previsto per funzionare come un sito solare comunitario, fornendo crediti agli abbonati
2. Si prevede di fornire energia verde a oltre 800 abitazioni una volta operativo
3. Idoneo per incentivi sotto il Programma NY-Sun di NYSERDA
4. Contratto di locazione assicurato per il sito del progetto
5. Domanda di approvazione dell'interconnessione inviata
Il successo del progetto dipende da fattori come l'approvazione dell'interconnessione, i permessi, il finanziamento e i rischi di costruzione. SolarBank sottolinea i potenziali benefici dell'energia solare comunitaria, riconoscendo al contempo le sfide di sviluppo associate.
SolarBank (NASDAQ: SUUN) anuncia planes para desarrollar un proyecto de energía solar de 7 MW DC en terreno en Clay, Nueva York. El proyecto Oak Orchard, ubicado en un vertedero cerrado de 23 acres, tiene como objetivo reutilizar la tierra para la producción de energía verde. Los aspectos más destacados incluyen:
1. Se espera que funcione como un sitio solar comunitario, proporcionando créditos a los suscriptores
2. Se anticipa que suministrará energía verde a más de 800 hogares una vez que esté operativo
3. Elegible para incentivos bajo el Programa NY-Sun de NYSERDA
4. Arrendamiento asegurado para el sitio del proyecto
5. Solicitud de aprobación de interconexión enviada
El éxito del proyecto depende de factores como la aprobación de la interconexión, permisos, financiamiento y riesgos de construcción. SolarBank enfatiza los beneficios potenciales de la energía solar comunitaria, reconociendo al mismo tiempo los desafíos de desarrollo asociados.
SolarBank (NASDAQ: SUUN)는 뉴욕주 클레이에 7 MW DC 지상 설치 태양광 발전 프로젝트를 개발할 계획을 발표했습니다. 23 에이커의 폐쇄된 매립지에 위치한 오크 오차드 프로젝트는 녹색 에너지 생산을 위한 토지 재활용을 목표로 합니다. 주요 하이라이트는 다음과 같습니다:
1. 커뮤니티 태양광 사이트로 운영될 예정, 구독자에게 크레딧 제공
2. 운영되면 800 가구 이상에 녹색 에너지 공급 예상
3. NYSERDA NY-Sun 프로그램의 인센티브 대상
4. 프로젝트 사이트에 대한 임대 계약 확보
5. 인터커넥션 승인 신청서 제출
프로젝트의 성공은 인터커넥션 승인, 허가, 자금 조달 및 건설 위험과 같은 요소에 따라 달라집니다. SolarBank는 커뮤니티 태양광의 잠재적 혜택을 강조하면서 관련된 개발 과제를 인정합니다.
SolarBank (NASDAQ: SUUN) annonce des projets de développement d'un projet solaire de 7 MW DC au sol à Clay, New York. Le projet Oak Orchard, situé sur une décharge fermée de 23 acres, vise à réutiliser le terrain pour la production d'énergie verte. Les points forts incluent :
1. Prévu pour fonctionner comme un site solaire communautaire, fournissant des crédits aux abonnés
2. Anticipé pour fournir de l'énergie verte à plus de 800 foyers une fois opérationnel
3. Éligible aux incitations dans le cadre du programme NYSERDA NY-Sun
4. Bail sécurisé pour le site du projet
5. Demande d'approbation d'interconnexion soumise
Le succès du projet dépend de facteurs tels que l'approbation de l'interconnexion, les permis, le financement et les risques de construction. SolarBank souligne les avantages potentiels de l'énergie solaire communautaire tout en reconnaissant les défis de développement associés.
SolarBank (NASDAQ: SUUN) kündigt Pläne zur Entwicklung eines 7 MW DC Freiflächensolarkraftwerks in Clay, New York an. Das Oak Orchard Projekt, das auf einer 23 Hektar großen geschlossenen Deponie liegt, hat das Ziel, das Gelände für die Produktion von grüner Energie wiederzuverwenden. Die wichtigsten Punkte sind:
1. Es wird erwartet, dass es als Gemeinschaftssolaranlage betrieben wird, die den Abonnenten Kredite bereitstellt
2. Vorraussichtlich soll es mehr als 800 Haushalte mit grüner Energie versorgen, sobald es in Betrieb ist
3. Berechtigt für Anreize im Rahmen des NYSERDA NY-Sun Programms
4. Pachtvertrag für das Projektgelände gesichert
5. Antrag auf Interkonnektionsgenehmigung eingereicht
Der Erfolg des Projekts hängt von Faktoren wie der Genehmigung der Interkonnektation, Genehmigungen, Finanzierung und Bau-Risiken ab. SolarBank betont die potenziellen Vorteile von Gemeinschaftssolaranlagen, erkennt jedoch auch die damit verbundenen Entwicklungsherausforderungen an.
- Development of a 7 MW DC solar power project in Clay, New York
- Repurposing of a 23-acre closed landfill for green energy production
- Potential to provide green energy to over 800 homes
- Eligibility for NYSERDA NY-Sun Program incentives
- Secured lease for the project site
- Project development subject to interconnection approval
- Permitting process yet to be completed
- Financing for construction not yet secured
- Risks associated with solar power project construction
- Potential changes in government incentives and policy support for solar power
Insights
The announcement of SolarBank's 7 MW solar project in Clay, New York, represents a significant development in the community solar sector. The project's location on a closed landfill showcases innovative land repurposing, aligning with sustainable development goals. The expected coverage of over 800 homes indicates a substantial impact on local green energy provision.
The project's eligibility for NYSERDA's NY-Sun Program incentives is a crucial financial advantage, potentially enhancing its economic viability. However, investors should note that the project is still in early stages, with interconnection approval and permitting processes pending. These regulatory hurdles can significantly impact project timelines and costs.
The community solar model employed here is particularly noteworthy, as it democratizes access to solar energy, allowing renters and homeowners to benefit without direct panel installation. This approach could drive customer acquisition and create a stable revenue stream, assuming successful project completion and subscription.
While the 7 MW Oak Orchard project shows promise, its financial impact on SolarBank (NASDAQ: SUUN) remains uncertain at this stage. The company has only secured the lease and applied for interconnection approval, with significant milestones yet to be achieved. Investors should be cautious about overestimating near-term revenue potential.
The community solar model, if successful, could provide a steady, long-term revenue stream through subscriber credits. However, the project's profitability will heavily depend on construction costs, financing terms and the final NYSERDA incentive rates secured. The mention of needing to secure financing suggests that capital expenditure could be significant.
It's important to consider this project within SolarBank's broader portfolio and financial health. While positive for growth, single projects of this scale typically don't dramatically alter a company's financial outlook. Investors should monitor progress on permitting and financing to gauge the project's likelihood of completion and potential return on investment.
- Expected to operate as a community solar site, selling credits to subscribers.
- Over 800 homes expected to be provided green energy once operational.
- Eligible to participate in the NYSUN program to receive NYSERDA incentives.
The Company has secured a lease over the Project site and has applied for interconnection approval for the Project. Assuming the successful receipt of interconnection approval, the Company will work to complete the permitting process and secure the necessary financing for the construction of the Project.
Once completed, the Project 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.
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 economic. 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
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 receipt 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
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