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350 families are expected to get electricity once the formula is operational.
Eligible to participate in the NYSUN program for NYSERDA incentives.
TORONTO, Jan. 22, 2024 /PRNewswire/ — SolarBank Corporation (CSE: SUNN) (OTC: SUUNF) (FSE: GY2) (“SolarBank” or the “Company”) announces that it has signed a lease for a 15-acre landing in Nassau, New York. SolarBank intends to expand an allocation of 3 MW DC ground-mounted solar power in (the “Project”). The allocation is expected to be eligible for incentives from the New York State Energy Research and Development Authority (“NYSERDA”) NY-Sun Program.
The Corporation has submitted its initial interconnection request for assignment and is awaiting the effects of this procedure. Once approval of the interconnection is received, the Company will continue with the authorization procedure and will secure the mandatory financing for the assignment structure.
Once completed, the allocation will be operated as a grid solar allocation. Community Sun is a solar panel organization with access to the local power grid. Once the panels are turned on and generate electrical power, the site’s blank force forces the local force grid. Depending on the length and number of panels in the allocation, dozens or even many renters and homeowners can save money on electric power generated through the allocation. By subscribing to a lease, the homeowner gets credits on their monthly electric bill through their percentage of the solar energy generated through the lease, thus accessing the benefits of solar without installing panels on their property. House.
There are several threats related to the advancement of the assignment. Advancement of any assignment is subject to obtaining interconnection approval, required permits, continued availability of third-party financing agreements to the Company, and threats related to the structure of a sol. energy allocation. In addition, governments would possibly review, reduce, or eliminate incentives and policy systems for solar energy, which may also result in long-term allocations becoming unprofitable. Please refer to the “Forward-Looking Statements” segment for more information. further discussion of the assumptions and threat points related to the statements contained 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. To learn more about SolarBank, please visit www.solarbankcorp.com.
FORWARD-LOOKING STATEMENTS
This press release includes forward-looking data and forward-looking data within the meaning of Canadian securities law (collectively, “prospectuses”) that relate to the Company’s existing expectations and revisions relating to long-term events. Anyone that expresses or implies discussions relating to long-term expectations, beliefs, plans, objectives, assumptions or occasions or functionalities (often, but not always, through the use of words or expressions such as “very likely to result”, “deserve” , “expects”, “will continue”, “is expected”, “anticipates”, “believes”, “estimates”, “intends”, “plans”, “expects”, “allocation”, “strategy”, “objective” and “outlook”) are not past facts and would likely be forward-looking statements and possibly involve estimates, assumptions and uncertainties that may also cause actual results or effects to differ materially from those expressed in such forward-looking statements. In particular, and without limitation, this press release includes forward-looking statements relating to the Company’s expectations relating to its industry trends and general market expansion; the Company’s expansion strategies, the expected force production from the solar force allocation discussed in this press release; reduce carbon emissions; The receipt allows it and the financing to be able to build the Project; and receipt of incentives for the assignment. There can be no assurance that such expectations will prove to be correct and undue reliance should not be placed on the forward-looking statements included in this press release. These terms speak only as of the date of this press release.
Forward-looking statements are based on certain assumptions and analyzes made by the Company in light of experience and belief in past trends, existing situations and expected long-term developments and other matters it considers appropriate, and are subject to risks and uncertainties. In making the forward-looking statements included in this press release, the Company has made general assumptions, including, but not limited to: obtaining mandatory regulatory approvals; that regulatory needs will be maintained; general business and economic situations; the Company’s ability to effectively execute its plans and intentions; the availability of financing on moderate conditions; the Company’s ability to attract and retain qualified personnel; market position competition; products and facilities presented through the Company’s competitors; that the Company’s existing intelligent relationships with its service providers and other third parties will be maintained; and government subsidies and investments for renewable energy will continue as currently planned. Although the Company believes that the assumptions underlying such statements are conservative, they may prove incorrect and the Company can give no assurance that actual effects will be consistent with such forward-looking statements. Given such dangers, uncertainties and assumptions, investors should not place undue reliance on such 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 final long form prospectus of the Company dated February 10, 2023, 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 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 assumes no legal responsibility to update or revise any forward-looking statements, whether as a result of new information, long-term events or otherwise, unless required by law. From time to time new things come along and it is not imaginable that the Company expects them all, nor evaluates the effect of each of those things or the degree to which one thing or combination of things might work. Results may differ materially from those contained in any forward-looking statements. All forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.
SOURCE Company SolarBank
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