Community Solar Site Expected to Serve Over
340 Homes Upon Completion
TORONTO, Oct. 4, 2024 /CNW/ - SolarBank
Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2)
("SolarBank" or the "Company") is pleased to announce
its plans to develop a 2.9 MW DC ground-mount solar power project
known as the Silver Springs
project (the "Project") on a site located in Gainesville, New York. With a secured site
lease and interconnection study underway, the Project is another
key addition to SolarBank's expanding development pipeline and
presence in the region.
Following the interconnection study, the Company will continue
to work to complete the permitting process and secure the necessary
financing for the construction of the Project. The Project is
expected to be eligible for incentives under the New York State Energy Research and Development
Authority ("NYSERDA") NY-Sun Program.
Once completed, the Project will be operated as a community
solar project. The clean energy generated by a community solar
project feeds directly into the local electricity grid. Depending
on the size and number of panels the project has, dozens or even
hundreds of renters and homeowners can earn credits on their
electric bill and save money from the electricity that is generated
by the project. By subscribing to a project, community members can
access the benefits of renewable energy without having to install
panels on their home. SolarBank's strategic focus on community
solar aligns with its goal of powering thousands of homes with
clean and affordable energy.
There are several risks associated with the development of the
Project. The development of any project is subject to receipt of
interconnection approval, required permits, the continued
availability of third-party financing arrangements for the Company
and the risks associated with the construction of a solar power
project. In addition, governments may revise, reduce or eliminate
incentives and policy support schemes for solar power, which could
result in future projects no longer being economic. Please refer to
"Forward-Looking Statements" for additional discussion of the
assumptions and risk factors associated with the projects and
statements made in this press release.
Update on At-The-Market Equity Program
The Company also announces that it has entered into a second
amended and restated equity distribution agreement (the "Restated
Distribution Agreement") with H.C. Wainwright & Co., LLC
("Wainwright"), Research Capital Corporation ("RCC") and Research
Capital USA Inc. ("RC US", and
together with Wainwright and RCC, the "Agents") to add Wainwright
as a sales agent under the Company's existing at-the-market equity
program (the "ATM Program"). The Restated Distribution Agreement
restates and supersedes the previous amended and restated equity
distribution agreement, dated May 23,
2024, among the Company, RCC and RC US. There can be no
assurance that the Company will issue and sell any common shares
under the ATM Program. The timing of any sales and the number of
shares sold, if any, will depend on a variety of factors to be
determined by the Company.
The Company will pay the Agents a commission of up to 3.0% of
the gross offering proceeds from each sale of common shares sold
under the ATM Program and has agreed to provide the Agents with
customary indemnification and contribution rights. The Company
will also reimburse the Agents for certain specified expenses in
connection with the entering into and performance of the Restated
Distribution Agreement.
Please refer to the Company's press release of May 23, 2024, for further details concerning the
ATM Program.
This news release does not constitute an offer to sell or the
solicitation of an offer to buy securities, nor will there be any
sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration
or qualification under the securities laws of any such
jurisdiction.
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, Battery Energy Storage System (BESS) and EV Charging
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 North America
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 100 megawatts built. To learn more about
SolarBank, please visit www.solarbankcorp.com.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements and
forward-looking information within the meaning of Canadian
securities legislation (collectively, "forward-looking
statements") that relate to the Company's current expectations and
views of future events. Any statements that express, or involve
discussions as to, expectations, beliefs, plans, objectives,
assumptions or future events or performance (often, but not always,
through the use of words or phrases such as "will likely result",
"are expected to", "expects", "will continue", "is anticipated",
"anticipates", "believes", "estimated", "intends", "plans",
"forecast", "projection", "strategy", "objective" and "outlook")
are not historical facts and may be forward-looking statements and
may involve estimates, assumptions and uncertainties which could
cause actual results or outcomes to differ materially from those
expressed in such forward-looking statements. In particular and
without limitation, this news release contains forward-looking
statements pertaining to the Company's expectations regarding its
industry trends and overall market growth; the Company's growth
strategies the expected energy production from the solar power
project mentioned in this press release; the number of homes
expected to be powered; the receipt permits and financing to be
able to construct the Project; the receipt of incentives for the
Project; the use by the Company of the ATM Program and timing
thereof; the number of shares of the Company, if any, to be sold
under the ATM Program and the use of proceeds from any such sale;
and the size of the Company's development pipeline. No assurance
can be given that these expectations will prove to be correct and
such forward-looking statements included in this news release
should not be unduly relied upon. These statements speak only as
of the date of this news release.
Forward-looking statements are based on certain assumptions and
analyses made by the Company in light of the experience and
perception of historical trends, current conditions and expected
future developments and other factors it believes are appropriate,
and are subject to risks and uncertainties. In making the forward
looking statements included in this news release, the Company has
made various material assumptions, including but not limited to:
obtaining the necessary regulatory approvals; that regulatory
requirements will be maintained; general business and economic
conditions; the Company's ability to successfully execute its plans
and intentions; the availability of financing on reasonable terms;
the Company's ability to attract and retain skilled staff; market
competition; the products and services offered by the Company's
competitors; that the Company's current good relationships with its
service providers and other third parties will be maintained; and
government subsidies and funding for renewable energy will continue
as currently contemplated. Although the Company believes that the
assumptions underlying these statements are reasonable, they may
prove to be incorrect, and the Company cannot assure that actual
results will be consistent with these forward-looking statements.
Given these risks, uncertainties and assumptions, investors should
not place undue reliance on these forward-looking statements.
Whether actual results, performance or achievements will conform
to the Company's expectations and predictions is subject to a
number of known and unknown risks, uncertainties, assumptions and
other factors, including those listed under "Forward-Looking
Statements" and "Risk Factors" in the Company's most recently
completed Annual Information Form, and other public filings of
the Company, which include: the Company may be adversely affected
by volatile solar power market and industry conditions; the
execution of the Company's growth strategy depends upon the
continued availability of third-party financing arrangements; the
Company's future success depends partly on its ability to expand
the pipeline of its energy business in several key markets;
governments may revise, reduce or eliminate incentives and policy
support schemes for solar and battery storage power; general global
economic conditions may have an adverse impact on our operating
performance and results of operations; the Company's project
development and construction activities may not be successful;
developing and operating solar projects exposes the Company to
various risks; the Company faces a number of risks involving Power
Purchase Agreements ("PPAs") and project-level financing
arrangements; any changes to the laws, regulations and policies
that the Company is subject to may present technical, regulatory
and economic barriers to the purchase and use of solar power; the
markets in which the Company competes are highly competitive and
evolving quickly; an anti-circumvention investigation could
adversely affect the Company by potentially raising the prices of
key supplies for the construction of solar power projects; foreign
exchange rate fluctuations; a change in the Company's effective tax
rate can have a significant adverse impact on its business;
seasonal variations in demand linked to construction cycles and
weather conditions may influence the Company's results of
operations; the Company may be unable to generate sufficient cash
flows or have access to external financing; the Company may incur
substantial additional indebtedness in the future; the Company is
subject to risks from supply chain issues; risks related to
inflation; unexpected warranty expenses that may not be adequately
covered by the Company's insurance policies; if the Company is
unable to attract and retain key personnel, it may not be able to
compete effectively in the renewable energy market; there are a
limited number of purchasers of utility-scale quantities of
electricity; compliance with environmental laws and regulations can
be expensive; corporate responsibility may adversely impose
additional costs; the future impact of any resurgence of COVID-19
on the Company is unknown at this time; the Company has limited
insurance coverage; the Company will be reliant on information
technology systems and may be subject to damaging cyberattacks; the
Company may become subject to litigation; there is no guarantee on
how the Company will use its available funds; the Company will
continue to sell securities for cash to fund operations, capital
expansion, mergers and acquisitions that will dilute the current
shareholders; and future dilution as a result of financings.
The Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
by law. New factors emerge from time to time, and it is not
possible for the Company to predict all of them, or assess the
impact of each such factor or the extent to which any factor, or
combination of factors, may cause results to differ materially
from those contained in any forward-looking statement. Any
forward-looking statements contained in this news release are
expressly qualified in their entirety by this cautionary
statement.
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SOURCE SolarBank Corporation