- SolarBank has entered into an EPC agreement with Solar Advocate Development LLC
- The system will produce approximately 7 million kilowatt hours of electricity to about 1,500 homes in its first year of operation, equivalent to reducing more than 2,500 metric tons of carbon dioxide (CO2) emissions.
Toronto, Ontario, June 27, 2023 — SolarBank Corporation (CSE: SUNN; OTC: SUUNF; FSE: GY2) (“SolarBank” or the “Company”) is pleased to announce that its Manlius, New York community solar project (the “Project”) will now be developed and constructed for Solar Advocate Development LLC (the “Owner”).
SolarBank originated the site in Manlius, New York and 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. The EPC agreement has a total value of approximately US$11.35 million.
Incentives for the Project have been secured from New York State Energy Research and Development Authority (“NYSERDA”). NYSERDA also provides additional incentives to utilize these types of land, whether any hazard is real or perceived, because investment increases local tax bases, facilitates job growth, and improves and protects the environment, amongst other reasons.
“We are thrilled to build yet another community solar project,” said Dr. Richard Lu, Chief Executive Officer at SolarBank. “This project is among one of the largest that we have constructed to date and aligns with our focus on growing our business through the development of more and larger projects. We are excited to leverage our expertise and work collaboratively with all stakeholders to deliver a solar project that will contribute significantly to New York’s renewable energy goals.”
There are several risks associated with the development of the Project. As disclosed in the Company’s financial statements, the project is being challenged by neighboring residents to the site. The development of any project is subject to 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 statements in this press release.