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SolarBank's Community Solar Project Update in Gainesville, New York

SolarBank Corporation, trading under NASDAQ as SUUN, has announced significant strides in the development of its 2.9 MW DC ground-mounted solar project, known as the Silver Springs project, located in Gainesville, New York. This project aims to provide clean energy to approximately 340 homes in the surrounding community, further reinforcing SolarBank's commitment to renewable energy solutions.

The company achieved a key development milestone by receiving favorable interconnection results through a completed Coordinated Electric System Interconnection Review (CESIR). Following this positive determination, SolarBank plans to initiate the permitting process for the project site. Notably, the project will potentially qualify for incentives under the New York State Energy Research and Development Authority (NYSERDA) NY-Sun Program, aimed at promoting the growth of solar power across the state.

In a recent statement, Dr. Richard Lu, the CEO of SolarBank, highlighted the company's focus on projects that deliver clean energy to support local communities. This approach comes at a time when tariffs have been imposed on solar panels imported from Canada, Mexico, and China. However, Dr. Lu emphasized that these tariffs would not affect SolarBank's operations, especially following a $49.8 million transaction with Qcells aimed at developing four projects utilizing solar panels manufactured in the United States. This development demonstrates SolarBank's strategic focus on navigating supply chain challenges to maintain the economic viability of its projects.

Upon securing the necessary permits and financing, the construction of the Silver Springs project will commence. It will operate as a community solar project, characterized by a collective set of solar panels connected to the local electricity grid. Once operational, the clean energy produced from the project will feed directly into the local power grid, allowing homeowners to reap the benefits of solar energy without the necessity of installing panels on their properties.

Participating homeowners will receive credits on their electricity bills each month based on the solar energy produced, significantly reducing their overall energy costs. This model democratizes access to solar energy and fosters community engagement in renewable energy initiatives.

Solar Simplified, a strategic partner of SolarBank, will manage the customer-oriented aspects of the community solar projects. Their expertise in customer acquisition, enrollment, and management is crucial for maximizing project subscriptions and revenue from the outset. This partnership aligns well with SolarBank's objectives and enables the company to expedite the development process while enhancing value for the community and its stakeholders.

Despite the excitement surrounding the project, several risks remain. The development process is contingent upon securing community solar contracts, obtaining the requisite permits, and the overall availability of third-party financing for initiatives. Additionally, fluctuations in governmental policies could impact the sustainability of future projects, as incentives and support for solar power may be revised or eliminated.

About SolarBank Corporation

SolarBank Corporation is an innovative developer and owner of renewable energy projects, primarily focusing on distributed and community solar initiatives in both Canada and the United States. Their portfolio also includes Battery Energy Storage Systems and Electric Vehicle Charging projects, where they sell generated electricity to various entities, including utilities and residential customers. SolarBank has an encouraging development pipeline of over one gigawatt and has already built renewable energy projects totaling a capacity of over 100 megawatts. For more information, please visit SolarBank's website.

In conclusion, SolarBank's Silver Springs project in Gainesville is a promising step towards enhancing local renewable energy capabilities and delivering economic benefits to the community. The project not only embodies the company's commitment to sustainability but also serves as a blueprint for future community solar initiatives across North America.