Toronto, Ontario, July 10, 2023 — SolarBank Corporation (CSE: SUNN; OTC: SUUNF; FSE: GY2) (“SolarBank” or the “Company”) announces that it has acquired from existing limited partners an aggregate of 42,500 limited partnership units (the “Units”) of the Solar Flow-Through 2016-I Limited Partnership, a partnership that is part of the group of Solar Flow Through Funds (“SFF”).
Originally founded in 2011, SFF is an independent renewable and clean energy project developer and asset operator based in Canada. SFF is engaged in the development and operation of solar photovoltaic (PV) power generations to meet the demand for renewable energy in Canada. SFF is proposing to expand its business into development of solar power projects in the United Sates, battery storage and electric vehicle charging systems.
SolarBank has a long-term relationship with SFF and has acted as a development partner for several SFF solar power projects. Most recently, SolarBank submitted proposals on behalf of SFF to Ontario and SFF and its co-investors were awarded 60 MWh of Battery Energy Storage contracts (subject to satisfaction of certain conditions).
SFF is undertaking a transaction pursuant to which all of its existing limited partnerships will be consolidated into a single corporate entity (the “Corporate Consolidation”). This will provide a structure that will allow SFF to become a public corporation by obtaining a listing on a stock exchange, either by way of direct listing or business combination transaction with a publicly listed company. The completion of a go public transaction by SFF remains subject to conditions including the receipt of shareholder approval, stock exchange approval and other customary conditions.
The total purchase price for the Units is $2,465,000. The purchase price for the Units was based on an independent valuation report that was prepared for SFF in connection with the unitholder meetings to approve the Corporate Consolidation.