In Short : As of my last knowledge update in January 2022, I don’t have specific information about SolarBank acquiring 100% interest in two solar projects in New York. It’s common for renewable energy companies to acquire or develop solar projects to expand their portfolio and contribute to the growth of clean energy.
In Detail :
- US1 Project has an installed capacity of 389.7kW DC
- VC1 Project has an installed capacity of 297.9kW DC
- Both projects have power purchase agreement (“PPA”) extending to Year 2047 to sell electricity to municipality via remote net metering
TORONTO : SolarBank Corporation (CSE: SUNN) (OTCQX: SUUNF) (FSE: GY2) (“SolarBank” or the “Company”) is pleased to announce that it has acquired a 100% interest in the US1 Project and VC1 Project, each located in New York (the “Projects”). The Company previously held a 67% interest in the Projects and has now acquired the remaining 33% from the minority partner.
The first project is the US1 Project which is a ground-mount solar power project located at a municipally-owned utility campus in the Village of Union Springs, N.Y. Per the PPA with the municipality, the system will sell electricity to the municipality via remote net metering. The system has an installed capacity of 389.7kW DC and is expected to generate an estimated 578,000 kWh of clean, renewable energy in its first year of operation.
The second project is the VC1 Project which is a ground-mount solar power project located at a municipally-owned utility campus in the Village of Cazenovia, N.Y. Per the PPA with the municipality, the system will sell electricity to the municipality via remote net metering. The system has an installed capacity of 297.9kW DC and is expected to generate an estimated 387,000 kWh of clean, renewable energy in its first year of operation.
“SolarBank is steadily increasing the size of its portfolio of owned and operated solar power projects,” said Dr. Richard Lu, Chief Executive Officer at SolarBank. “These two projects will generate nearly 1 MW of clean, renewable energy in their first year and with the recently completed OFIT acquisition, the Company’s IPP portfolio is now over 3.5 MW.”
The acquisition of the remaining 33% interest in the Projects was completed through a cash purchase price of US$70,000.
The Company notes that the execution of the Company’s growth strategy depends upon the continued availability of third-party financing arrangements for the Company and its customers and the Company’s future success depends partly on its ability to expand the pipeline of its energy business in several key markets. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for solar and battery storage power, which could cause demand for the Company’s services to decline. Further the forecasted MW capacity of the Projects may not be reached. Please refer to “Forward-Looking Statements” for additional discussion of the assumptions and risk factors associated with the statements in this press release.
ABOUT SOLARBANK CORPORATION
SolarBank Corporation is an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects in Canada and the USA. The Company develops solar projects that sell electricity to utilities, commercial, industrial, municipal and residential off-takers. The Company maximizes returns via a diverse portfolio of projects across multiple leading solar markets including projects with utilities, host off-takers, community solar, and virtual net metering projects. The Company has a potential development pipeline of over one gigawatt and has developed renewable and clean energy projects with a combined capacity of over 70 megawatts built.