* Expected to operate as a community solar site, selling credits to subscribers.
* Over 800 homes expected to be provided green energy once operational.
* Eligible to participate in the NYSUN program to receive NYSERDA incentives.
Toronto, Ontario, August 15, 2024 — SolarBank Corporation (NASDAQ: SUUN; Cboe CA: SUNN, FSE: GY2) (“SolarBank” or the “Company”) announces that it intends to develop a 7 MW DC ground-mount solar power project known as the Oak Orchard project (the “Project”) on a 23 acre site located in Clay, New York. The Project would be constructed on a closed landfill owned by the Town of Clay, repurposing land to produce green energy. The Project is expected to be eligible for incentives under the New York State Energy Research and Development Authority (“NYSERDA“) NY-Sun Program.
The Company has secured a lease over the Project site and has applied for interconnection approval for the Project. Assuming the successful receipt of interconnection approval, the Company will work to complete the permitting process and secure the necessary financing for the construction of the Project.
Once completed, the Project will be operated as a community solar project. Community solar is a group of solar panels with access to the local electricity grid. Once the panels are turned on and generating electricity, clean energy from the site feeds into the local power grid. Depending on the size and number of panels the project has, dozens or even hundreds of renters and homeowners can save money from the electricity that is generated by the project. By subscribing to a project, a homeowner earns credits on their electric bill every month from their portion of the solar that’s generated by the project, accessing the benefits of solar without installing panels on their home.