Fiera Real Estate Rooftop Solar Project in Alberta Under Construction by SolarBank Advances
SolarBank (Nasdaq: SUUN) has begun construction on a 1.4 MW DC rooftop solar project for Fiera Real Estate in Alberta. The project, expected to operate as a 'Small Scale Generator,' marks SolarBank's first construction project for Fiera, with more anticipated in the future. Construction started on July 15, 2024, with major equipment deliveries and site preparations underway. The project is slated for completion in November 2024.
This initiative aligns with Fiera's Net Zero Pathway, targeting Net Zero Carbon by 2040. Fiera Real Estate, a leading investment management company, globally manages over USD$7.0 billion of commercial real estate. The project is part of a broader effort to combat climate change, particularly relevant given Alberta's record-breaking wildfire season in 2023.
SolarBank (Nasdaq: SUUN) ha iniziato la costruzione di un progetto solare da 1,4 MW DC sul tetto per Fiera Real Estate in Alberta. Il progetto, che dovrebbe funzionare come 'Piccolo Generatore', segna il primo progetto di costruzione di SolarBank per Fiera, con ulteriori sviluppi previsti in futuro. I lavori sono iniziati il 15 luglio 2024, con consegne di attrezzature principali e preparativi del sito in corso. Il progetto è previsto per il completamento a novembre 2024.
Questa iniziativa si allinea con il percorso Net Zero di Fiera, che mira a ottenere emissioni di carbonio nette zero entro il 2040. Fiera Real Estate, una delle principali società di gestione degli investimenti, gestisce globalmente oltre USD$7,0 miliardi di immobili commerciali. Il progetto fa parte di uno sforzo più ampio per combattere il cambiamento climatico, particolarmente rilevante considerando la stagione di incendi record in Alberta nel 2023.
SolarBank (Nasdaq: SUUN) ha comenzado la construcción de un proyecto solar de 1.4 MW DC en la azotea para Fiera Real Estate en Alberta. Se espera que el proyecto opere como un 'Generador de Pequeña Escala', marcando el primer proyecto de construcción de SolarBank para Fiera, con más anticipados en el futuro. La construcción comenzó el 15 de julio de 2024, con la entrega de equipos importantes y la preparación del sitio en marcha. Se prevé que el proyecto se complete en noviembre de 2024.
Esta iniciativa se alinea con el Camino hacia la Cero Neto de Fiera, que tiene como objetivo alcanzar Cero Neto de Carbono para 2040. Fiera Real Estate, una destacada empresa de gestión de inversiones, gestiona a nivel mundial más de USD$7.0 mil millones en bienes raíces comerciales. El proyecto es parte de un esfuerzo más amplio para combatir el cambio climático, particularmente relevante dado la temporada récord de incendios forestales en Alberta en 2023.
SolarBank(Nasdaq: SUUN)가 앨버타에서 Fiera Real Estate를 위한 1.4 MW DC 루프탑 태양광 프로젝트의 건설을 시작했습니다. 이 프로젝트는 '소규모 발전기'로 운영될 예정이며, Fiera를 위한 SolarBank의 첫 번째 건설 프로젝트로, 앞으로 더 많은 프로젝트가 기대됩니다. 건설은 2024년 7월 15일에 시작되었으며, 주요 장비의 배송과 현장 준비가 진행 중입니다. 이 프로젝트는 2024년 11월에 완료될 예정입니다.
이 이니셔티브는 2040년까지 탄소 배출량을 제로 목표로 하는 Fiera의 넷 제로 경로와 일치합니다. Fiera Real Estate는 주요 투자 관리 회사로, 전 세계적으로 70억 달러 이상의 상업용 부동산을 관리하고 있습니다. 이 프로젝트는 기후 변화와 싸우기 위한 보다 넓은 노력의 일환으로, 2023년 앨버타의 기록적인 산불 시즌과 관련하여 특히 중요합니다.
SolarBank (Nasdaq: SUUN) a commencé la construction d'un projet solaire de 1,4 MW DC sur le toit pour Fiera Real Estate en Alberta. Le projet, prévu pour fonctionner comme un 'Générateur de Petite Échelle', marque le premier projet de construction de SolarBank pour Fiera, avec d'autres à prévoir dans le futur. La construction a débuté le 15 juillet 2024, avec des livraisons d'équipements majeurs et des préparations de site en cours. Le projet devrait être achevé en novembre 2024.
Cette initiative s'inscrit dans le cadre du chemin vers le Zéro Émissions de Fiera, avec pour objectif d'atteindre zéro émission nette de carbone d'ici 2040. Fiera Real Estate, une entreprise de gestion d'investissement de premier plan, gère plus de 7,0 milliards USD d'immobilier commercial à l'échelle mondiale. Le projet fait partie d'un effort plus large pour lutter contre le changement climatique, particulièrement pertinent compte tenu de la saison des incendies de forêt record en Alberta en 2023.
SolarBank (Nasdaq: SUUN) hat mit dem Bau eines 1,4 MW DC-Dachsolaranlage für Fiera Real Estate in Alberta begonnen. Das Projekt, das voraussichtlich als 'Kleinwasserkraftgenerator' betrieben wird, markiert das erste Bauprojekt von SolarBank für Fiera, mit weiteren Projekten, die in Zukunft erwartet werden. Der Bau begann am 15. Juli 2024, wobei major Ausrüstungslieferungen und Standortvorbereitungen im Gange sind. Das Projekt soll im November 2024 abgeschlossen werden.
Diese Initiative steht im Einklang mit Fieras Net-Zero-Strategie, die bis 2040 Netto-Null-Emissionen von Kohlenstoff anstrebt. Fiera Real Estate, ein führendes Investmentmanagementunternehmen, verwaltet weltweit über 7,0 Milliarden USD an Gewerbeimmobilien. Das Projekt ist Teil eines umfassenderen Antrags zur Bekämpfung des Klimawandels, was besonders relevant ist, da Alberta im Jahr 2023 eine rekordverdächtige Waldbrandsaison hatte.
- SolarBank begins construction on 1.4 MW DC rooftop solar project for Fiera Real Estate
- Project expected to complete in November 2024
- Potential for additional projects with Fiera Real Estate in the future
- Aligns with Fiera's Net Zero Carbon by 2040 target
- Risks associated with solar power project construction
- Potential changes in government incentives and policies for solar power could impact project economics
Insights
The commencement of SolarBank's 1.4 MW DC rooftop solar project for Fiera Real Estate in Alberta marks a significant milestone in the renewable energy sector. While the project's immediate financial impact may be , its strategic importance cannot be overstated.
Fiera Real Estate, managing
The project's classification as a 'Small Scale Generator' suggests it may benefit from favorable regulatory treatment, potentially enhancing its economic viability. However, investors should note that the full financial details and expected returns are not disclosed, making it challenging to quantify the immediate impact on SolarBank's bottom line.
Looking ahead, the potential for additional projects with Fiera Real Estate could significantly boost SolarBank's order book and provide more predictable cash flows. This partnership with a major player in real estate asset management could also enhance SolarBank's credibility in the market, potentially leading to similar contracts with other large property managers.
Investors should monitor the project's progress and any announcements of follow-on contracts, as these will be key indicators of the long-term value of this relationship for SolarBank.
The advancement of this solar project in Alberta is a noteworthy development in the context of Canada's climate change mitigation efforts. The province's record-breaking wildfire season in 2023, with 1,092 fires burning 2.2 million hectares, underscores the urgency of transitioning to renewable energy sources.
This project aligns with Fiera's Net Zero Pathway, targeting Net Zero Carbon by 2040. Such corporate commitments are becoming increasingly common and necessary as investors and regulators push for concrete action on climate change. The partnership between SolarBank and Fiera exemplifies the kind of private sector collaboration needed to accelerate the renewable energy transition.
However, it's important to note that while rooftop solar projects are a step in the right direction, their impact on overall grid decarbonization is incremental. To achieve significant emissions reductions, we would need to see a massive scaling up of such projects across commercial real estate portfolios.
The project's classification as a 'Small Scale Generator' suggests it may benefit from supportive policies designed to encourage distributed energy resources. Investors should be aware that changes in these policies could affect the viability of future projects. The mention of potential risks related to changes in government incentives highlights the importance of stable, long-term policy frameworks for renewable energy development.
Overall, while this project alone won't solve Alberta's climate challenges, it represents a positive trend in corporate climate action and could serve as a model for similar initiatives across the commercial real estate sector.
USD of commercial real estate managed by Fiera Real Estate$7.0 billion - The project represents SolarBank's first construction project for Fiera, with more expected in the future
The Company, with the support of Zathura Investments, is providing development and EPC services under an EPC agreement with Fiera and expects to complete additional projects for Fiera in the future. This initial Project is part of Fiera's commitment to its Net Zero Pathway where its funds have established targets of Net Zero Carbon by 2040.
Locally the
Fiera Real Estate is a leading investment management company with offices in
Fiera Real Estate is wholly owned by Fiera Capital Corporation, a leading independent global asset management firm with more than
There are several risks associated with the development of the Project. The development of any project is subject to 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
About Zathura Investments
Zathura Investments is a trusted partner of landlords across
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", "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 reduction of carbon emissions; the expected timeline to completion construction of the Project; and the completion of additional projects with Fiera. 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 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 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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/fiera-real-estate-rooftop-solar-project-in-alberta-under-construction-by-solarbank-advances-302206232.html
SOURCE SolarBank Corporation
FAQ
What is the size of the solar project SolarBank (SUUNF) is constructing for Fiera Real Estate in Alberta?
When did construction begin on SolarBank's (SUUNF) solar project for Fiera Real Estate?
When is SolarBank's (SUUNF) solar project for Fiera Real Estate expected to be completed?
How much commercial real estate does Fiera Real Estate manage globally?
