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LOS ANGELES, CA - February 21, 2025 (NEWMEDIAWIRE) - Disseminated on behalf of SolarBank Corporation
$25.8 million financing from the Royal Bank of Canada will be used for a 4.99 MW Ontario-based battery energy storage system consisting of two projects, SFF-06 and 903.
The projects mark SolarBank's first foray into energy storage, a market expected to reach $31.2 billion USD by 2029.
The project benefits from a 22-year contract with Ontario's electricity operator, ensuring stable revenue.
SolarBank is leveraging government incentives, including a 30% Clean Technology Investment Tax Credit.
Anvil Crawler Development Corp. was awarded a $1.85 million contract for civil and electrical work on the project.
SolarBank (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2), a premier developer and owner of renewable and clean energy projects, specializing in distributed and community solar initiatives throughout Canada and the U.S., has announced that construction began on its first battery energy storage system ("BESS") in Ontario during the week of February 10, 2025 (https://ibn.fm/smENa).
The project, known as SFF-06, is located in Cramahe, Ontario, and represents SolarBank's entry into the fast-growing battery storage sector. The project will store energy to help balance the electrical grid and
There are several risks associated with the development of any data center. SolarBank is expanding into the data center industry but it does not currently have any data center projects under development or that it has secured rights to. SolarBank does not have any contracts with the parties mentioned in this news release. It is in discussions with various other parties regarding potential data center opportunities and will provide details in a future news release if an agreement to acquire or develop a data center is concluded. The development of any data center project is subject to identification of a suitable project site, receipt of required permits, entry into contracts for construction and the use of the data center, the availability of third-party financing arrangements for the company and the risks associated with the construction of a data center. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for renewable energy, which could result in future projects no longer being economic.
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Forward-Looking Statements
Certain statements in this article are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management's control, including the risks set forth under the heading "Risk Factors" discussed under the caption "Item 1A. Risk Factors" in Part I of the Company's most recent Annual Report on Form 10-K or any updates discussed under the caption "Item 1A. Risk Factors" in Part II of the Company's Quarterly Reports on Form 10-Q and in the Company's other filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this article in making an investment decision, which are based on information available to us on the date hereof. All parties undertake no duty to update this information unless required by law.
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