* USD$7.0 billion of commercial real estate managed by Fiera Real Estate
* The project represents SolarBank’s first construction project for Fiera, with more expected in the future
Toronto, Ontario, July 25, 2024 — SolarBank Corporation (Nasdaq: SUUN; Cboe CA: SUNN; FSE: GY2) (“SolarBank” or the “Company”) is pleased to announce that it has advanced construction on the 1.4MW DC rooftop solar project for Fiera Real Estate (“Fiera”) in Alberta (the “Project”) as a pilot project. This Project is expected to operate as a “Small Scale Generator”. Construction mobilization began on July 15, 2024, marking the commencement of significant progress. We have already received some major equipment deliveries at the site and initiated preparations for construction. This includes the installation of scaffolding, setting up roof staging, and preparing the roof for loading solar materials. Construction of the Project is expected to be completed in November 2024.
The Company, with the support of Zathura Investments, is providing development and EPC services under an EPC agreement with Fiera and expects to complete additional projects for Fiera in the future. This initial Project is part of Fiera’s commitment to its Net Zero Pathway where its funds have established targets of Net Zero Carbon by 2040.
Locally the Alberta government report that during 2023 there were a total of 1,092 wildfires burning a record 2.2-million hectares. As climate change is increasing the risk of wildfires, the Company and Fiera are aligned that renewable energy projects that help to decarbonize the grid are an important step in combatting climate change.