PowerBank Corporation Secures $1.74 Million for Community Solar Projects in Nova Scotia

PowerBank Corporation Secures $1.74 Million Grant for Community Solar Projects in Nova Scotia

PowerBank Corporation, trading under NASDAQ: SUUN, has recently announced a significant financial boost for its community solar projects in Nova Scotia. The company has been awarded a total of $1.74 million through a grant provided by the Nova Scotia Department of Environment and Climate Change, managed by the Net Zero Atlantic program. The funding is intended to support the development of three community solar projects located in Sydney, Brooklyn, and Petpeswick.

Funding Breakdown and Project Details

Under this grant, $340,000 will be allocated for the Sydney Solar Project, $440,000 for the Petpeswick Solar Project, and $960,000 for the Brooklyn Solar Project. These projects represent PowerBank's continued commitment to enhancing renewable energy production and sustainability in the region.

Co-owned by the AI Renewable Flow-through Fund and a non-profit organization, the Potlotek First Nation, these community solar initiatives emphasize the inclusive aspect of renewable energy. PowerBank takes the lead as the developer and builder for the projects, collaborating with Trimac Engineering, a reputable local firm.

The Role of Net Zero Atlantic

The Net Zero Atlantic program plays a crucial role in the region's shift towards sustainable practices. As a prominent research organization, its team consists of scientists, engineers, and project managers dedicated to fostering the transition to a carbon-neutral Atlantic Canada by 2050. Their support provides accurate data and services pivotal for advancing renewable energy initiatives.

Dr. Richard Lu, President and CEO of PowerBank, expressed pride in contributing to Nova Scotia's renewable energy goals, highlighting the importance of the funding received. He stated, "This funding from Net Zero Atlantic will go far towards the development of long-lasting solar projects that bring clean energy and energy savings to Nova Scotia."

Nova Scotia's Community Solar Program

This initiative is part of the Nova Scotia Community Solar Program (CSP), Canada's very first community solar program. The CSP aims to align with the province's commitment to achieving 80% renewable energy by 2030 while ensuring the electricity grid reaches net zero by 2035. By adding 100 MW of solar generation capacity, the program aims to reduce reliance on fossil fuels, combat climate change, and promote local economic growth.

Community solar projects are designed to feed clean energy directly into the local electricity grid, allowing community members to benefit from solar energy without the need for individual installations on their properties. Participants can earn credits on their electric bills and potentially save on energy costs.

PowerBank's Commitment to Renewable Energy

Established as a key player in renewable and clean energy development, PowerBank Corporation focuses on distributed and community-based solar projects across Canada and the USA. With over 100 MW of completed projects and a development pipeline exceeding 1 GW, PowerBank is well-positioned for expansion in the renewable energy sector.

Their diverse portfolio includes solar and Battery Energy Storage System (BESS) projects that cater to utilities, commercial, industrial, municipal, and residential clients. The company’s proven track record in solar development allows it to optimize returns through a varied array of projects and partnerships.

As communities increasingly adapt to sustainable practices, PowerBank’s role in advancing renewable energy will be crucial in shaping the future of clean energy in Nova Scotia and beyond. To learn more, visit PowerBank's official website.