Over 540 Homes Expected to be Powered by
this Community Solar Project
TORONTO,
Nov. 21,
2024 /PRNewswire/ - SolarBank Corporation
(NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) ("SolarBank" or the
"Company") is pleased to announce its plans to develop a 4.6 MW
DC ground-mount solar power project known as the Stone Church
project (the "Project") on a site located in Seneca County, New York. With a secured site
lease and interconnection study underway, the Project is another
key addition to SolarBank's expanding development pipeline—which
exceeds one gigawatt—as well as the Company's commitment to
advancing community solar.
"Community solar projects are a great way to make
renewable energy accessible and affordable for everyone. The Stone
Church project exemplifies our commitment to delivering clean
energy while fostering local economic growth and sustainability in
New York," stated Dr. Richard Lu, CEO of SolarBank.
The clean energy generated by community solar
projects feeds directly into the local electricity grid. Depending
on the size and number of panels a community solar project has,
renters and homeowners can earn credits on their electric bill and
save money from the electricity that is generated by a 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.
Assuming the Project's interconnection study is
successful, the Company will continue to work to complete the
permitting process and secure the necessary financing for the
construction of the Project. The Project is expected to be eligible
for incentives under the New York
State Energy Research and Development Authority
("NYSERDA") NY-Sun Program.
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
projects and statements made 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, Battery
Energy Storage System (BESS) and EV Charging 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 North America 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 100 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 receipt of interconnection approval,
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