✎ Contributed by Ty Griffin
Disseminated on behalf of SolarBank Corporation
- $25.8 million financing from the Royal Bank of Canada will be used for a 4.99 MW Ontario-based battery energy storage system consisting of two projects, SFF-06 and 903.
- The projects mark SolarBank’s first foray into energy storage, a market expected to reach $31.2 billion USD by 2029.
- The project benefits from a 22-year contract with Ontario’s electricity operator, ensuring stable revenue.
- SolarBank is leveraging government incentives, including a 30% Clean Technology Investment Tax Credit.
- Anvil Crawler Development Corp. was awarded a $1.85 million contract for civil and electrical work on the project.
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 that construction began on its first battery energy storage system (“BESS”) in Ontario during the week of February 10, 2025 (https://ibn.fm/smENa).
The project, known as SFF-06, is located in Cramahe, Ontario, and represents SolarBank’s entry into the fast-growing battery storage sector. The project will store energy to help balance the electrical grid and…
There are several risks associated with the development of any data center. SolarBank is expanding into the data center industry but it does not currently have any data center projects under development or that it has secured rights to. SolarBank does not have any contracts with the parties mentioned in this news release. It is in discussions with various other parties regarding potential data center opportunities and will provide details in a future news release if an agreement to acquire or develop a data center is concluded. The development of any data center project is subject to identification of a suitable project site, receipt of required permits, entry into contracts for construction and the use of the data center, the availability of third-party financing arrangements for the company and the risks associated with the construction of a data center. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for renewable energy, which could result in future projects no longer being economic.
This report contains forward looking information. Please refer to https://ibn.fm/G76GJ for additional details.
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