SolarBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) is pleased to announce a significant development in its 3.25 MW DC ground-mount solar project located on a closed landfill in Camillus, New York.
The project has successfully obtained its plan approval and special use permit from the town of Camillus.
This is a key step towards expanding SolarBank’s independent power producer (IPP) portfolio, which currently boasts a combined capacity of 50.76 MW (32 MW operational and 18.76 MW under construction).
Community Solar Focus and NY-Sun Eligibility
The project is designed to operate as a community solar site, selling credits directly to subscribers. Upon completion, it is expected to provide green energy to 360 homes and qualify for incentives under the New York State Energy Research and Development Authority (NYSERDA) NY-Sun Program.
Next Steps and Financial Focus
With the final permit secured, SolarBank’s next priority is to secure the necessary financing for construction. The project is anticipated to reach the notice-to-proceed stage in Q3 2024, contributing to the company’s growing portfolio of IPP assets.
Benefits of Community Solar
Community solar projects like this one offer a unique way for individuals and households to access the benefits of solar energy without the need for rooftop installations.
By subscribing to a project, participants receive credits on their electricity bills for their share of the clean energy generated, fostering a more accessible and sustainable energy model.
Risks and Forward-Looking Statements
SolarBank acknowledges the inherent risks in project development, including the need for continued third-party financing and construction-related uncertainties.
Government incentives and policy support for solar power can also change, potentially impacting the economic viability of future projects. For a comprehensive discussion of assumptions and risk factors, please refer to the “Forward-Looking Statements” section.
About SolarBank Corporation
SolarBank Corporation is an independent developer and owner of renewable and clean energy projects, with a focus on distributed and community solar projects in Canada and the USA. The company develops projects that provide electricity to various sectors, including utilities, commercial, industrial, municipal, and residential customers.
By diversifying its project portfolio across leading solar markets, SolarBank maximizes returns. With a potential development pipeline exceeding one gigawatt and a track record of completing projects with over 70 megawatts of combined capacity, SolarBank is a key player in the renewable energy sector.