- SolarBank Corp. (CSE:SUNN) has begun major construction on the Geddes project it is developing in Geddes, New York
- Once operational, the project is expected to provide green energy for more than 500 homes
- Pending financing, SolarBank intends to own and operate the Geddes project
- SolarBank Corp. last traded at C$8.09 per share
SolarBank Corp. (CSE:SUNN) has begun major construction on the Geddes project it is developing in Geddes, New York.
Once operational, the project is expected to provide green energy for more than 500 homes.
Current activities include civil work and the commencement of the racking and module installation. Pending on financing, SolarBank intends to own and operate the Geddes project.
The Geddes project, which has a designed capacity of 3.7 megawatts (MW) DC, is repurposing a closed landfill, addressing two critical challenges: the need for clean energy and the transformation of contaminated sites into valuable assets. Based on its forecast project schedule, the Toronto-based company anticipates that construction of the Geddes project will be completed by Q1 2024.
“Commencement of major construction on the Geddes project is a great accomplishment as it will be the largest project to date that would be owned and operated by the company as an independent power producer,” SolarBank’s CEO, Dr. Richard Lu, of commented in a news release. “I am pleased that SolarBank is going to be able to turn a closed landfill into a solar project that will generate clean renewable energy for years to come.”
The company’s leadership admitted that there are several risks associated with the development of the project disclosed. The development of any project is subject to the availability of third-party financing arrangements and the risks associated with the construction of a solar power project. Governments could also revise, reduce, or eliminate incentives and policy support schemes for solar power, which could result in future projects no longer being economic.
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. last traded at C$8.09 per share.
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