SolarBank Corporation Secures $19 Million for Expansion and Growth in Renewable Energy

SolarBank Corporation, a prominent player in the renewable energy sector, has recently announced an exciting development that promises to bolster its growth in the industry. The company has entered into a definitive agreement aimed at raising up to $19 million through equity financing. This move is part of a strategic initiative to propel the company's renewable energy projects, particularly focusing on solar and battery energy storage systems.

On March 21, 2025, SolarBank revealed that it has finalized an agreement with a single institutional investor to facilitate the purchase and sale of nearly 2.4 million common shares, accompanied by warrants. Each common share and warrant will be sold at a price of $3.55, with the transaction anticipated to generate gross proceeds of approximately $8.5 million before the deduction of fees and other related expenses. The warrants provided in this offering can be exercised at a later date at an exercise price of $4.45 per share, expiring five years from the date of issuance. Depending on how many of the warrants get exercised in the future, the company might raise an additional $10.65 million through this financing.

This funding initiative will mainly support the advancement of SolarBank’s independent power producer assets, which include innovative battery energy storage system (BESS) projects. Moreover, the scheduled community solar project in New York stands to benefit from this financial boost. The proceeds will also contribute to working capital and general corporate purposes.

SolarBank's management anticipates that this offering will close shortly, expectedly around March 24, 2025, pending the satisfaction of standard closing conditions. A.G.P./Alliance Global Partners is serving as the sole placement agent for this offering, indicating a significant endorsement from a recognized entity in the financial services sector.

The equity offering is being conducted in compliance with U.S. securities laws, specifically under the company's short form base shelf prospectus dated May 2, 2023. Additionally, it is being made in accordance with regulations for securities in Canada, providing assurance that all necessary legal frameworks are being adhered to.

About SolarBank Corporation

Established as a leading independent project developer, SolarBank focuses on renewable and clean energy solutions, specifically distributed and community solar projects across Canada and the U.S. Their portfolio also includes Battery Energy Storage Systems (BESS) and electric vehicle charging projects. The company's operational model is structured to maximize returns through a diverse range of projects associated with utilities, community solar initiatives, and efficient energy consumption, totaling an impressive development pipeline exceeding one gigawatt. So far, SolarBank has successfully brought over 100 megawatts of renewable and clean energy projects online.

For individuals interested in learning more about SolarBank and its commitment to sustainable energy solutions, additional information can be found on their official website: solarbankcorp.com.

This funding initiative not only highlights SolarBank's ambitious plans for growth but also reaffirms the increasing investor confidence in renewable energy solutions as a cornerstone of sustainable development. With the ongoing global transition towards clean energy practices, SolarBank is positioned to play a vital role in meeting the future's energy demands while also contributing to environmental preservation efforts.