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SolarBank Corporation (NASDAQ: SUUN; Cboe CA: SUNN, FSE: GY2) (SolarBank or the Company) is ?pleased to announce that its 3.26 MW Camillus Solar Project (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: This is the eighth community solar project that will be constructed and operated for Solar Advocate as part of a relationship that originated in 2018. The fact that they are a repeat customer is a testament to SolarBanks ability to deliver projects and create long term sustainable value for its partners. We continue to execute on our strategy of growth in the EPC segment of the business and the Independent Power Producer segment of the business. 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. The Project is expected to be eligible for incentives under the New York State Energy Research and Development Authority (NYSERDA) NY-Sun Program. SolarBank has completed an interconnection agreement with the utility company, and obtained permits from the local authority having jurisdiction.Engineering and initial construction have commenced and the Company has initiated procurement of major equipment. The Company has also leveraged its strong relationships with Tier 1 suppliers to secure major equipment orders of solar panels, inverters, racking, and transformers necessary for the Project. The Company will now continue to build the Project for the Owner to commercial operation via an engineering, procurement, and construction (EPC) agreement dated March 18, 2025. The sale price for the Project, and value of the EPC agreement, are approximately $7.3 million USD. 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 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. |
