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LOS ANGELES - January 31, 2025 (NEWMEDIAWIRE) - Disseminated on behalf of SolarBank Corporation
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The projects, totaling 25.577 MW, will be developed as community solar initiatives, with SolarBank managing the construction, operation and maintenance of the projects.
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The projects will use U.S.-manufactured equipment, aligning with Qcells' investment in domestic solar production, while incentives from New York's NY-Sun Program will further enhance the projects' viability.
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Qcells is investing nearly $2.8 billion USD into boosting U.S. domestic solar manufacturing and innovation to support and accelerate the U.S. clean energy transition.
SolarBank (NASDAQ: SUUN) (CSE: SUNN) (NEO: 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 sealed a $49.5 million USD transaction with Qcells, one of the world's leading clean energy companies, for the acquisition of four ground-mount solar power projects that are under development in upstate New York (https://ibn.fm/A9JcD).
The projects, collectively generating 25.577 MW of solar energy, mark a significant collaboration between SolarBank and Qcells, underscoring a shared commitment to clean energy solutions. The Gainesville, Hardie, Rice Road, and Hwy 28 projects, are part of SolarBank's ongoing initiative to develop
There are several risks associated with the development of the Projects. The development of any project is subject to required permits, the continued availability of third-party financing arrangements for Qcells, the risks associated with the construction of a solar energy project. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for solar energy projects, which could result in future projects no longer being economic. Qcells will pay the purchase price for the Projects, and construction costs under the EPC agreements, in stages. If Qcells does not obtain the necessary financing, the Company is obligated to reacquire the projects subject to retention of an initial payment. This report contains forward looking information. Please refer to https://ibn.fm/G76GJ for additional discussion of the assumptions and risk factors associated with the projects and statements made in this report.
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.