✎ Contributed by Ty Griffin
Disseminated on behalf of SolarBank Corporation
- The projects, totaling 25.577 MW, will be developed as community solar initiatives, with SolarBank managing the construction, operation and maintenance of the projects.
- The projects will use U.S.-manufactured equipment, aligning with Qcells’ investment in domestic solar production, while incentives from New York’s NY-Sun Program will further enhance the projects’ viability.
- Qcells is investing nearly $2.8 billion USD into boosting U.S. domestic solar manufacturing and innovation to support and accelerate the U.S. clean energy transition.
SolarBank (NASDAQ: SUUN) (CSE: SUNN) (NEO: SUNN) (FSE: GY2), a premier developer and owner of renewable and clean energy projects, specializing in distributed and community solar initiatives throughout Canada and the U.S., has sealed a $49.5 million USD transaction with Qcells, one of the world’s leading clean energy companies, for the acquisition of four ground-mount solar power projects that are under development in upstate New York (https://ibn.fm/A9JcD).
The projects, collectively generating 25.577 MW of solar energy, mark a significant collaboration between SolarBank and Qcells, underscoring a shared commitment to clean energy solutions. The Gainesville, Hardie, Rice Road, and Hwy 28 projects, are part of SolarBank’s ongoing initiative to develop…
There are several risks associated with the development of the Projects. The development of any project is subject to required permits, the continued availability of third-party financing arrangements for Qcells, the risks associated with the construction of a solar energy project. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for solar energy projects, which could result in future projects no longer being economic. Qcells will pay the purchase price for the Projects, and construction costs under the EPC agreements, in stages. If Qcells does not obtain the necessary financing, the Company is obligated to reacquire the projects subject to retention of an initial payment. This report contains forward looking information. Please refer to https://ibn.fm/G76GJ for additional discussion of the assumptions and risk factors associated with the projects and statements made in this report.
NOTE TO INVESTORS: IBN is a multifaceted financial news, content creation and publishing company utilized by both public and private companies to optimize investor awareness and recognition. For more information, please visit https://www.InvestorBrandNetwork.com
Please see full terms of use and disclaimers on the InvestorBrandNetwork website applicable to all content provided by IBN, wherever published or re-published: http://IBN.fm/Disclaimer
The latest news and updates relating to SUUN are available in the company’s newsroom at https://ibn.fm/SUUN
Corporate Communications
IBN
Austin, Texas
www.InvestorBrandNetwork.com
512.354.7000 Office
Editor@InvestorBrandNetwork.com
