SolarBank Closes Acquisition of 2.5 MW Solar Sites - Continued Growth of SolarBank's Independent Power Producer Portfolio
- Projects have been in operation for seven years
TORONTO, Nov. 2, 2023 /CNW/ - SolarBank Corporation (CSE: SUNN) (OTC: SUUNF) FSE: GY2) ("SolarBank" or the "Company") is pleased to announce that it has closed its previously announced acquisition of control of two corporations that hold solar projects located in Ontario with a combined capacity of 2.5 MW (the "Projects"). The corporations OFIT GM Inc. and OFIT RT Inc. (the "Purchased Entities") were acquired pursuant to the terms of share purchase agreements (the "SPAs") dated October 23, 2023. SolarBank has issued 278,875 common shares (the "Consideration Shares") of SolarBank at a deemed value of $7.70 per share to the vendors (N. Fine Investments Limited and Linden Power Inc.) to complete the acquisition of the Purchased Entities (the "Transaction"). The Purchased Entities have been operating the Projects since 2017.
SolarBank Closes Acquisition of 2.5 MW Solar Sites in Ontario (newswire.ca)