SolarBank (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) Announces $100M Project Financing from CIM Group for U.S. Solar Expansion

✎ Contributed by Ty Griffin

Disseminated on behalf of SolarBank Corporation

• SolarBank and CIM Group have announced a US$100 million financing deal for a portfolio of U.S. solar energy projects totaling 97 MW.
• The deal is structured as a preferred equity investment at the project level, preserving SolarBank’s share capital, with CIM receiving a 3% annual coupon and retaining full ownership of transferred investment tax credits.
• SolarBank expects to maintain majority ownership of the 21-project portfolio post-financing, supporting SolarBank’s shift toward becoming a long-term solar asset owner in the U.S.

SolarBank (NASDAQ: SUUN) (Cboe CA: 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 announced a US$100 million project-based financing with infrastructure investor CIM Group to fund a 97 MW portfolio of solar energy projects in the United States. The deal marks a significant step in SolarBank’s evolution from solar developer to long-term asset owner, offering equity-style exposure to U.S. renewable energy growth without issuing new shares (https://ibn.fm/J7XIZ).

The financing will be structured as a preferred equity investment by CIM into a newly formed entity, New HoldCo. That entity will operate as a joint venture between CIM and Abundant Solar Power (“ASP”), a…

Read More>>

For more information, visit the company’s website at SolarBankCorp.com. This report contains forward-looking information. Please refer to https://ibn.fm/G76GJ for additional details.

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