#Canada #Nova Scotia #SolarBank #Brooklyn Project

SolarBank's 6.9 MW Brooklyn Solar Project in Nova Scotia

SolarBank Corporation, listed on NASDAQ under the ticker SUUN, is making significant strides in renewable energy with its latest project, the Brooklyn solar initiative in Nova Scotia. This community solar project, encompassing a total capacity of 6.9 MW DC, is anticipated to produce clean energy for around 900 homes upon completion.

Project Overview

The Brooklyn project is financially backed by AI Renewable Fund, with SolarBank acting as the developer and builder. The overall estimated investment for this venture is approximately $13.9 million. Local collaboration is a key component, with Trimac Engineering partnering with SolarBank to ensure the project's success.

Richard Lu, SolarBank's President and CEO, expressed enthusiasm about the project, highlighting the goal of providing accessible, clean energy to Nova Scotia communities. Lu remarked on the company's extensive experience in solar development, underscoring its commitment to advancing community initiatives like this one.

This project aligns with Nova Scotia's aspiration to transition to 80% renewable energy by 2030 and achieve net-zero emissions by 2035, in conjunction with the province's innovative Community Solar Program (CSP). This initiative aims to integrate an additional 100 MW of solar energy into the local grid, which will reduce reliance on fossil fuels and contribute to economic growth in the area.

Benefits of Community Solar

The energy generated by the Brooklyn solar project will be fed directly into the local electricity grid. Community members can participate in this program without the need to install solar panels on their property, allowing renters and homeowners to benefit from renewable energy. Participants in the program can earn credits toward their electricity bills—a savings of approximately $0.02 kWh for each unit of electricity generated.

As of now, Nova Scotia's CSP has awarded contracts for a total of 7.05 MW AC of solar projects, of which SolarBank secured a significant portion.

Project Timeline

The project is slated to move forward with the completion of the permitting process throughout the remainder of 2025. This includes finalizing interconnection agreements with Nova Scotia Power Inc. and conducting essential engineering studies. Construction is anticipated to commence in Spring 2026, with an expected completion date in the subsequent summer.

Challenges Ahead

While the prospect of the Brooklyn project is appealing, there are inherent risks in its development. Successful completion hinges on various approvals, including interconnection, community solar contracts, and necessary permits. There is also the possibility of changes to government incentives that could impact the financial viability of solar projects. Hence, careful management and strategic planning are imperative.

In parallel with this initiative, SolarBank has announced a shares-for-services agreement with an external advisor, whereby it will issue common shares as compensation for ongoing advisory services. This arrangement aims to enhance business development and strategic growth.

About SolarBank Corporation

SolarBank is recognized as an independent developer and owner of renewable energy projects throughout Canada and the USA. Their portfolio primarily focuses on distributed and community solar projects, alongside battery energy storage systems and EV charging solutions. Ultimately, SolarBank strives to maximize returns through a diversified array of projects, positioning itself firmly within the clean energy sector. To learn more about their initiatives, visit SolarBank's official website.

With the Brooklyn project, SolarBank is poised to play a crucial role in Nova Scotia's transition to renewable energy, fostering local development and contributing to a sustainable future.