- SolarBank Corp. (CSE:SUNN) continues to advance development of its projects that are under development in upstate New York
- The Toronto-based company’s proposed 21 MW DC ground-mount solar power projects are known as SB-1, SB-2 and SB-3 and are construction ready
- Once completed, the projects are planned to be operated as community solar projects where energy from the site feeds into the local power grid, selling credits to subscribers
- SolarBank Corp. opened trading at C$7.07 per share
SolarBank Corp. (CSE:SUNN) continues to advance development of its projects that are under development in upstate New York.
The Toronto-based company’s proposed 21 MW DC ground-mount solar power projects are known as SB-1, SB-2 and SB-3 and are construction ready.
Once completed, the projects are planned to be operated as community solar projects. Community solar is a group of solar panels with access to the local electricity grid. By subscribing to a project, a homeowner can earn credits on their electric bill from their portion of the solar that’s generated by the project. Once the panels are turned on and generating electricity, energy from the site feeds into the local power grid, selling credits to subscribers.
SolarBank’s subsidiary, Abundant Solar Power Inc. and an arm’s-length third party have signed a funding arrangement where funds will be advanced to vendors. The total amount of the advances has not been determined but could be up to US$20 million.
The global solar energy market is projected to reach $223.3 billion by 2026, according to Allied Market Research.
SolarBank Corp. is a renewable and clean energy project developer involved with distributed and community solar projects in Canada and the United States. Its potential development pipeline stands at more than 700 megawatts.
SolarBank has completed hundreds of solar power plants for commercial and industrial clients. The company has also completed 70 community solar projects in collaboration with the Central New York Regional Planning and Development Board. Approximately 90 per cent of SolarBank’s contracts to date have been awarded by governments in Ontario, New York and Maryland.
SolarBank Corp. opened trading at C$7.07 per share.
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