7-Megawatt Solar Project in Development by SolarBank in Pennsylvania
SolarBank (NASDAQ: SUUN) has announced plans to develop a 7 MW DC ground-mount solar power project in Lancaster County, Pennsylvania. This Stauffer project is part of a larger 24.8 MW DC initiative, following the recently announced 13.8 MW DC project. The proposed community solar project would be one of the first in Pennsylvania, allowing residents to access solar energy without installing panels on their properties.
The project's development is contingent on the final approval of House Bill 1842 by the Pennsylvania State government, which enables community solar projects. SolarBank has secured a lease for the project site and will proceed with permitting, interconnection, and financing steps. The company aims to power approximately 820 homes with this project, aligning with its goal of providing clean and affordable energy to thousands of households.
SolarBank (NASDAQ: SUUN) ha annunciato piani per sviluppare un progetto di energia solare a terra da 7 MW DC nella Contea di Lancaster, Pennsylvania. Questo progetto Stauffer fa parte di un'iniziativa più ampia da 24,8 MW DC, a seguito del progetto recentemente annunciato da 13,8 MW DC. Il progetto solare comunitario proposto sarebbe uno dei primi in Pennsylvania, consentendo ai residenti di accedere all'energia solare senza dover installare pannelli sulle proprie proprietà.
Lo sviluppo del progetto è subordinato all'approvazione finale della Legge della Camera 1842 da parte del governo della Pennsylvania, che consente i progetti solari comunitari. SolarBank ha ottenuto un contratto di locazione per il sito del progetto e procederà con i passaggi di autorizzazione, interconnessione e finanziamento. L'azienda punta a fornire energia a circa 820 case con questo progetto, in linea con il suo obiettivo di offrire energia pulita e accessibile a migliaia di famiglie.
SolarBank (NASDAQ: SUUN) ha anunciado planes para desarrollar un proyecto de energía solar terrestre de 7 MW DC en el Condado de Lancaster, Pensilvania. Este proyecto Stauffer es parte de una iniciativa más grande de 24,8 MW DC, tras el proyecto de 13,8 MW DC recientemente anunciado. El proyecto solar comunitario propuesto sería uno de los primeros en Pensilvania, permitiendo a los residentes acceder a energía solar sin instalar paneles en sus propiedades.
El desarrollo del proyecto está condicionado a la aprobación final de la Proposición 1842 por parte del gobierno del Estado de Pensilvania, que permite los proyectos solares comunitarios. SolarBank ha asegurado un contrato de arrendamiento para el sitio del proyecto y procederá con los pasos de permisos, interconexión y financiamiento. La empresa tiene como objetivo alimentar aproximadamente 820 hogares con este proyecto, alineándose con su meta de proporcionar energía limpia y asequible a miles de hogares.
SolarBank (NASDAQ: SUUN)는 펜실베이니아주 랜카스터 카운티에 7 MW DC의 지상 태양광 프로젝트를 개발할 계획을 발표했습니다. 이 스토퍼 프로젝트는 최근 발표된 13.8 MW DC 프로젝트에 이어지는 24.8 MW DC의 더 큰 이니셔티브의 일환입니다. 제안된 커뮤니티 태양광 프로젝트는 펜실베이니아에서 가장 처음으로 주민들이 자신의 재산에 패널을 설치하지 않고도 태양광 에너지를 이용할 수 있게 될 것입니다.
이 프로젝트의 개발은 펜실베이니아 주 정부에 의해 하원 법안 1842의 최종 승인을 조건으로 합니다. 이 법안은 커뮤니티 태양광 프로젝트를 가능하게 합니다. SolarBank는 프로젝트 사이트에 대한 임대 계약을 체결하였으며, 허가, 상호 연결 및 자금 조달 단계를 진행할 예정입니다. 이 회사는 이 프로젝트를 통해 약 820 가구에 전력을 공급할 계획이며, 수천 가정을 위한 청정하고 저렴한 에너지를 제공하겠다는 목표와 일치합니다.
SolarBank (NASDAQ: SUUN) a annoncé des plans pour développer un projet solaire au sol de 7 MW DC dans le comté de Lancaster, en Pennsylvanie. Ce projet Stauffer fait partie d'une initiative plus large de 24,8 MW DC, suite au projet récemment annoncé de 13,8 MW DC. Le projet de solaire communautaire proposé serait l'un des premiers en Pennsylvanie, permettant aux résidents d'accéder à l'énergie solaire sans installer de panneaux sur leurs propriétés.
Le développement du projet dépend de l'approbation finale de la loi de la Chambre 1842 par le gouvernement de l'État de Pennsylvanie, qui permet les projets solaires communautaires. SolarBank a sécurisé un bail pour le site du projet et procédera aux étapes de permis, d'interconnexion et de financement. L'entreprise vise à alimenter environ 820 foyers avec ce projet, en accord avec son objectif de fournir de l'énergie propre et abordable à des milliers de ménages.
SolarBank (NASDAQ: SUUN) hat Pläne zur Entwicklung eines 7 MW DC Freiflächen-Solarprojekts im Lancaster County, Pennsylvania, bekannt gegeben. Dieses Stauffer-Projekt ist Teil einer größeren Initiative von 24,8 MW DC, die auf das kürzlich angekündigte 13,8 MW DC-Projekt folgt. Das vorgeschlagene Gemeinschaftssolarprojekt wäre eines der ersten in Pennsylvania und würde es den Bewohnern ermöglichen, auf Solarenergie zuzugreifen, ohne Solarpanels auf ihren Grundstücken installieren zu müssen.
Die Entwicklung des Projekts steht unter dem Vorbehalt der endgültigen Genehmigung des House Bill 1842 durch die Regierung des Bundesstaates Pennsylvania, das Gemeinschaftssolarprojekte ermöglicht. SolarBank hat einen Pachtvertrag für das Projektgelände gesichert und wird mit den Genehmigungs-, Interkonnektions- und Finanzierungsphasen fortfahren. Das Unternehmen beabsichtigt, mit diesem Projekt etwa 820 Haushalte mit Strom zu versorgen, was mit seinem Ziel übereinstimmt, Tausenden von Haushalten saubere und erschwingliche Energie zu bieten.
- Expansion into Pennsylvania's emerging community solar market
- Part of a larger 24.8 MW DC project portfolio
- Potential to power approximately 820 homes with clean energy
- Aligns with company's strategic focus on community solar projects
- Project development subject to final approval of House Bill 1842
- Risks associated with interconnection approval, permitting, and financing
- Potential changes in government incentives and policy support for solar power
Insights
24.8 MW of Projects Expected in the Near Term
820 Homes Expected to be Powered by this Project
SolarBank's First Community Solar Project in
The proposed community solar project – which would be one of the first of its kind in
On March 26, 2024, the
"Community solar projects enable the benefits of renewable energy to proliferate throughout communities in
The Company has secured a lease over the Project site and will continue to work to complete the next steps in permitting, interconnection and securing the necessary financing for construction of the Project. The development of the Project as a community solar project will be subject to the final approval of House Bill 1842 by the State government of
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. 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 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; 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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