- SolarBank has partnered with U.S.-based Rural Energy Development LLC (RED Renewables), a provider of solar energy solutions to the commercial agricultural market
- The Co-Development Agreement provides for SolarBank to develop and construct solar energy projects introduced by Rural Energy Development LLC (RED Renewables)
Toronto, Ontario, June 13, 2023 — SolarBank Corporation (CSE: SUNN; OTCQX: SUUNF; FSE: GY2) (“SolarBank” or the “Company”) is pleased to announce a new partnership with Rural Energy Development LLC (“Red Renewables”) through a Co-Development Agreement (the “Agreement”) between the parties. Red Renewables is a North Carolina USA based provider of solar energy solutions that is focused on the agricultural and commercial markets. This partnership aims to accelerate the integration of solar power into agricultural and commercial operations, benefiting both the environment and farmers alike.
Under the Agreement, SolarBank and Red Renewables will combine their expertise and resources to identify, develop, and implement solar energy solutions tailored specifically for the unique requirements of the agriculture industry and service a growing pipeline of commercial opportunities. This focus will accelerate the opportunity for farmers and commercial customers with cost-effective and sustainable energy alternatives, reducing their carbon footprint, and optimizing their operations. After Red Renewables introduces an acceptable project to SolarBank, SolarBank shall be responsible for the financing, development and construction of the project.
“We are thrilled to partner with Red Renewables to bring solar power integration in the agriculture sector. By leveraging our combined expertise, we aim to create customized solar solutions that not only meet the unique energy needs of farmers but also contribute to a greener and more sustainable future,” said Dr. Richard Lu, Chief Executive Officer at SolarBank. “This collaboration aligns perfectly with our mission of providing clean, reliable, and affordable solar energy solutions to diverse industries.”
The agriculture sector has traditionally been an underserved market which has a substantial energy demand, relying heavily on traditional energy sources that are often expensive and environmentally damaging, typically in rural areas of America. By harnessing the power of the sun, SolarBank and Red Renewables aim to bring clean, renewable energy solutions to farmers, empowering them to operate more efficiently and sustainably, while reducing their dependence on fossil fuels.
“We are excited about this collaboration with SolarBank and the potential it holds,” added Robert Kalainikas, Managing Partner at Red Renewables. “By leveraging our collective strengths, we can accelerate the development and deployment of solar power projects in the agriculture sector. Our partnership with SolarBank will increase our offering to our clients. Customers can now take advantage of PPAs in addition to the traditional net metering options.”
The Company notes that the partnership with Red Renewables is subject to several risks. In order to develop a project, the Company and Red Renewables must agree on a suitable project location and development terms. There is no certainty that a project location will be identified or that the parties will agree on development terms. The development of any projects is subject to the continued availability of third-party financing arrangements for the Company. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for solar power, which could result in the projects under consideration by the parties no longer being economic. Further the forecasted MW capacity of a solar project may not be reached. Please refer to “Forward-Looking Statements” for additional discussion of the assumptions and risk factors associated with the statements in this press release.