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SolarBank Corporation (“SolarBank” or the Company) is pleased to announce that it has received approval from the the New York State Energy Research and Development Authority (“NYSERDA”) for $1,058,616 in incentives for the 3.26 MW Camillus Solar Project (the “Project”) under the NY-Sun Program. As disclosed on March 19, 2025, the Project has been sold to, and will now be constructed for, Solar Advocate Development LLC (the “Owner”) in a transaction valued at $7.3 million USD. Dr. Richard Lu, CEO of the Company commented: “SolarBank has a long-standing successful track record in working with government agencies in the United States and Canada to obtain government support and incentives for its clean and renewable energy projects. While the Camillus Project has been sold to Solar Advocate, the receipt of these incentives further demonstrates SolarBank’s ability to execute and provide sustainable projects with robust financial returns.”The Project is being constructed as a 3.26 MW DC ground-mount solar power project on a closed landfill site and will operate as a community solar project. These incentives do not increase the value of the transaction with the Owner. The award in the amount of $1,058,616 is contingent upon compliance with the terms and conditions of the NY-SUN Program Manual. The solar electric system installation must be completed within 30 months of the approval date. There are several risks associated with the development of the Project. The development of any project is subject to the continued availability of third-party financing arrangements for the Owner, the ability of SolarBank to satisfy the conditions associated with the inecentives, and the risks associated with the construction of a solar power project. If the EPC agreement is terminated, the Company will not achieve the full transaction value. 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. |
