#Canada #Toronto #SolarBank #Camillus Solar Project #Solar Advocate

SolarBank Corporation Secures $7.3 Million for Camillus Solar Project

In a significant stride towards renewable energy, SolarBank Corporation (NASDAQ: SUUN; Cboe CA: SUNN, FSE: GY2) has announced the finalization of a $7.3 million deal for the sale and construction of its 3.26 MW Camillus Solar Project. This project, which is poised for construction by Solar Advocate Development LLC, marks the eighth partnership between the two entities and underscores an ongoing commitment to sustainable energy solutions.

Dr. Richard Lu, the CEO of SolarBank, expressed enthusiasm, emphasizing the importance of repeat customers and the company's capability to deliver long-term value. The Camillus Solar Project will be located on a closed landfill site and is designed to function as a community solar initiative, aimed at broadening access to solar energy for local residents and businesses.

Project Overview and Construction Plans

The Camillus Solar Project is designed as a 3.26 MW DC ground-mount solar facility and is expected to be eligible for incentives through the New York State Energy Research and Development Authority (NYSERDA) NY-Sun Program. SolarBank has already established necessary interconnection agreements with local utility companies, alongside securing permits from relevant authorities.

Construction has already commenced, with initial engineering tasks underway. The company is actively procuring vital equipment such as solar panels, inverters, racking systems, and transformers from Tier 1 suppliers to ensure project efficiency and success.

Under the engineering, procurement, and construction (EPC) agreement signed on March 18, 2025, SolarBank will oversee the project until it reaches commercial operation—a testament to the company's robust operational strategy and commitment to growth within the EPC and Independent Power Producer segments.

Risks and Future Outlook

Despite the promising outlook, there are risks associated with the project's development. These include potential issues related to third-party financing for the Owner, as well as challenges that may arise during the construction phase of the solar project. Additionally, there are concerns about governmental incentive programs' sustainability, which could impact future financing and project viability.

SolarBank remains committed to navigating these challenges, focusing on expanding its energy project pipeline, and continuing to foster strong partnerships within the industry. The company has a diverse portfolio and aims to maximize returns through strategic project placements across leading North American markets.

About SolarBank Corporation

SolarBank Corporation is an independent developer and owner of renewable and clean energy projects, specializing in distributed and community solar initiatives across Canada and the United States. With a robust pipeline of projects and a proven track record of success—over 100 megawatts developed—the company is well-positioned for future growth in the renewable energy landscape.

In summary, the Camillus Solar Project represents not only a significant investment in solar energy but also a continuing evolution of SolarBank’s efforts to promote sustainable energy practices while expanding its operational capabilities and market reach.