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Post Nasdaq Listing SolarBank Provides Update on Recent Progress

By Apr. 29, 2024No Comments
  • Nasdaq Global Market and Cboe Canada Exchange senior stock exchange listings
  • $41 million USD transaction with Honeywell sees Community Solar Sites reach mechanical completion
  • Agreement to acquire Solar Flow-Through Funds Ltd. in a transaction valued at $45 million
  • One Gigawatt development pipeline continues to be executed on

Toronto, Ontario, April 29, 2024 — SolarBank Corporation (Nasdaq: SUUN; Cboe CA: SUNN; FSE: GY2) (“SolarBank” or the “Company”) is pleased to provide an update on its significant progress during the first part of 2024.

Major Highlights

  • The Company began trading on the Nasdaq Global Market on April 8, 2024. The Nasdaq Stock Market has three distinctive tiers: The Nasdaq Global Select Market®, The Nasdaq Global Market® and The Nasdaq Capital Market®. Applicants must satisfy certain financial, liquidity and corporate governance requirements to be approved for listing on any of these market tiers. SolarBank has qualified under the Nasdaq Global Market® tier, which has the second highest eligibility requirements.
  • $41 million USD transaction with Honeywell International Inc. (“Honeywell”) sees mechanical completion reached on the SB-1, SB-2 and SB-3 Community Solar Projects acquired by Honeywell. The projects are being constructed under an engineering, procurement, and construction (“EPC”) Contract with SolarBank. SolarBank also expects that it will retain an operations and maintenance contract for the projects following the completion of construction.
  • Cboe Canada stock exchange lists SolarBank for trading on February 14, 2024. In North America, Cboe’s U.S. and Canadian equities trading venues handle over $67 billion USD combined in average daily notional value (ADNV).
  • The Company has commenced construction on a 1.4 MW DC rooftop solar project for Fiera Real Estate (“Fiera”) in Alberta as a pilot project. Fiera Real Estate is a leading investment management company that globally manages over $7.0 billion USD of commercial real estate through a range of investment funds and accounts as at December 31, 2023. The project represents SolarBank’s first construction project for Fiera, with more expected in the future.

Other Operational Highlights

  • January 2024: 3.7 MW DC/500 Homes – SolarBank has completed mechanical construction on the 3.7 MW DC Geddes project that is being developed by the Company in Geddes, New York. The next step is completion of final electrical work and acceptance testing. The project is expected to become operational during the second quarter of 2024 and is expected to provide green energy to 500 homes once operational. Subject to receipt of financing, the Company intends to own and operate the Geddes project.
  • January 2024: 14 MW DC/1600 Homes – SolarBank executed a lease agreement on a site in Greenville, New York. SolarBank intends to develop two 7 MW DC (14 MW DC total) ground-mount solar power projects on the site. Expected to operate as a community solar site, selling credits to subscribers. 1,600 homes are expected to receive green energy once the system is operational. The projects are expected to be eligible for incentives under the New York State Energy Research and Development Authority (“NYSERDA”) NY-Sun Program.
  • January 2024: 3 MW DC/350 Homes – SolarBank executed a lease agreement on a 15 acre site in Nassau, New York. SolarBank intends to develop a 3 MW DC ground-mount solar power project on the site. Expected to operate as a community solar site, selling credits to subscribers. 350 homes are expected to receive green energy once the system is operational. The Project is expected to be eligible for incentives under the NYSERDA NY-Sun Program.
  • February 2024: 19.3 MW DC/2,260 Homes – SolarBank executed lease agreements on two closed landfill sites located in Skaneateles, New York and Lewiston, New York. The Company intends to develop three ground-mount community solar projects across the two sites with a capacity of 19.3 MW DC. Expected to operate as a community solar site, selling credits to subscribers. 2,260 homes are expected to receive green energy once the system is operational. The Company’s subsidiary was the successful proponent in an RFP from the private owner of the sites. The projects are expected to be eligible for incentives under the NYSERDA NY-Sun Program.
  • February 2024: SolarBank reported its second quarter results including revenue of $26.3 million, net income of $2.0 million and net income of $0.08 per share (undiluted). Reaffirmed revenue guidance of $45 million to $50 million for the full fiscal year ended June 30, 2024.
  • February 2024: SolarBank appointed Chelsea L. Nickles to its Board of Directors as an independent director. Ms. Nickles is a renewable energy professional with more than 20 years of experience contributing to a net zero world.  For nearly the past decade, Ms. Nickles has been focusing on developing offshore wind projects in multiple jurisdictions with Ørsted, the global leader in offshore wind. Ms. Nickels currently holds the title of Director with Ørsted and also serves as a director for several offshore wind companies where she helps to steer their success.
  • April 2024: 3.15 MW DC/360 Homes – SolarBank closed its previously announced acquisition from Storke Renewables, LLC of a development stage solar project located in the Town of Camillus, New York on a closed landfill. SolarBank intends to develop a 3.15 MW DC ground-mount solar power project on the site that will operate as a community solar project. 360 homes are expected to receive green energy once the system is operational. The project is expected to be eligible for incentives under the NYSERDA NY-Sun Program.
  • April 2024: 31 MW/4,000 Homes – SolarBank partnered with TriMac Engineering of Sydney, Nova Scotia to develop a 10 MW DC community solar garden in the rural community of Enon, Nova Scotia, and three 7 MW DC projects in Sydney, Halifax and Annapolis, Nova Scotia respectively (the “Projects”). The Projects are being developed under a Community Solar Program that was announced by the Government of Nova Scotia on March 1, 2024 and owned by AI Renewable Fund. 4,000 homes are expected to receive green energy once the system is operational.

Management Commentary

Dr. Richard Lu, CEO of SolarBank commented: “2024 has started extremely well with a number of significant milestones achieved including project completions, major acquisitions, execution on the development pipeline and senior stock exchange listings. In particular, the recent listing on the Nasdaq Global Market is a further validation of SolarBank’s continued performance. I am proud that the entire team continues to deliver on growth plans and look forward to what the balanced of 2024 brings for the Company.”

The Company is reaffirming its guidance of expected full year revenue in fiscal 2024 of between $45 million and $50 million. The purpose of the financial outlook is to assist investors, shareholders, and others in understanding certain financial metrics relating to expected 2024 financial results for evaluating the performance of the Company’s business and is dated as of the date of this press release. This information may not be appropriate for other purposes. Information about the Company’s guidance, including the various assumptions underlying it, is forward-looking and should be read in conjunction with “Forward-Looking Statements” in this press release and the related disclosure and information about various economic, competitive, and regulatory assumptions, factors, and risks that may cause the Company’s actual future financial and operating results to differ from what it currently expects.

There are several risks associated with the development of the projects detailed in this press release. The development of any project is subject to the continued availability of third-party financing arrangements for the project owners and the risks associated with the construction of a solar power project. There is no certainty the projects disclosed in this press release will be completed on schedule or that they will operate in accordance with their design capacity. If the EPC agreements are terminated then SolarBank will not realize the full contract value. As disclosed in the Company’s financial statements, the Manlius project is being challenged by neighboring residents to the site. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for solar power, which could result in future projects no longer being economic. Please refer to “Forward-Looking Statements” for additional discussion of the assumptions and risk factors associated with the statements in this press release.

About SolarBank Corporation

SolarBank Corporationis an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects in Canada and the USA. The Company develops solar projects that sell electricity to utilities, commercial, industrial, municipal and residential off-takers. The Company maximizes returns via a diverse portfolio of projects across multiple leading solar markets including projects with utilities, host off-takers, community solar, and virtual net metering projects. The Company has a potential development pipeline of over one gigawatt and has developed renewable and clean energy projects with a combined capacity of over 70 megawatts built. To learn more about SolarBank, please visit

For further information, please contact:‎

SolarBank Corporation

Tracy Zheng


Phone: 416.494.9559


This news release contains forward-looking statements and forward-looking information ‎within the meaning of Canadian securities legislation (collectively, “forward-looking ‎statements”) that relate to the Company’s current expectations and views of future events. ‎Any statements that express, or involve discussions as to, expectations, beliefs, plans, ‎objectives, assumptions or future events or performance (often, but not always, through the ‎use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will ‎continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, ‎‎”projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be ‎forward-looking statements and may involve estimates, assumptions and uncertainties ‎which could cause actual results or outcomes to differ materially from those expressed in ‎such forward-looking statements. In particular and without limitation, this news release ‎contains forward-looking statements pertaining to the Company’s expectations regarding its industry trends and overall market growth; the Company’s growth strategies the expected energy production from the solar power projects mentioned in this press release; the number of homes expected to be powered by the Company’s development projects; the reduction of carbon emissions; the receipt of incentives for the projects; the expected value of EPC Contracts; and the size of the Company’s development pipeline. No assurance ‎can be given that these expectations will prove to be correct and such forward-looking ‎statements included in this news release should not be unduly relied upon. These ‎statements speak only as of the date of this news release.‎

Forward-looking statements are based on certain assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate, and are subject to risks and uncertainties. In making the forward looking statements included in this news release, the Company has made various material assumptions, including but not limited to: obtaining the necessary regulatory approvals; that regulatory requirements will be maintained; general business and economic conditions; the Company’s ability to successfully execute its plans and intentions; the availability of financing on reasonable terms; the Company’s ability to attract and retain skilled staff; market competition; the products and services offered by the Company’s competitors; that the Company’s current good relationships with its service providers and other third parties will be maintained; and government subsidies and funding for renewable energy will continue as currently contemplated. Although the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and the Company cannot assure that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties and assumptions, investors should not place undue reliance on these forward-looking statements.

Whether actual results, performance or achievements will conform to the Company’s expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including those listed under “Forward-‎Looking Statements” and “Risk ‎Factors” in the Company’s Annual Information Form for the most recently completed financial year, and other public filings of the Company, which include: the Company may be adversely affected by volatile solar power market and industry conditions; the execution of the Company’s growth strategy depends upon the continued availability of third-party financing arrangements; the Company’s future success depends partly on its ability to expand the pipeline of its energy business in several key markets; governments may revise, reduce or eliminate incentives and policy support schemes for solar and battery storage power; general global economic conditions may have an adverse impact on our operating performance and results of operations; the Company’s project development and construction activities may not be successful; developing and operating solar projects exposes the Company to various risks; the Company faces a number of risks involving Power Purchase Agreements (“PPAs”) and project-level financing arrangements; any changes to the laws, regulations and policies that the Company is subject to may present technical, regulatory and economic barriers to the purchase and use of solar power; the markets in which the Company competes are highly competitive and evolving quickly; an anti-circumvention investigation could adversely affect the Company by potentially raising the prices of key supplies for the construction of solar power projects; foreign exchange rate fluctuations; a change in the Company’s effective tax rate can have a significant adverse impact on its business; seasonal variations in demand linked to construction cycles and weather conditions may influence the Company’s results of operations; the Company may be unable to generate sufficient cash flows or have access to external financing; the Company may incur substantial additional indebtedness in the future; the Company is subject to risks from supply chain issues; risks related to inflation; unexpected warranty expenses that may not be adequately covered by the Company’s insurance policies; if the Company is unable to attract and retain key personnel, it may not be able to compete effectively in the renewable energy market; there are a limited number of purchasers of utility-scale quantities of electricity; compliance with environmental laws and regulations can be expensive; corporate responsibility may adversely impose additional costs; the future impact of COVID-19 on the Company is unknown at this time; the Company has limited insurance coverage; the Company will be reliant on information technology systems and may be subject to damaging cyberattacks; the Company may become subject to litigation; there is no guarantee on how the Company will use its available funds; the Company will continue to sell securities for cash to fund operations, capital expansion, mergers and acquisitions that will dilute the current shareholders; and future dilution as a result of financings.

The Company undertakes no obligation to update or revise any ‎forward-looking statements, whether as a result of new information, future events or ‎otherwise, except as may be required by law. New factors emerge from time to time, and it ‎is not possible for the Company to predict all of them, or assess the impact of each such ‎factor or the extent to which any factor, or combination of factors, may cause results to ‎differ materially from those contained in any forward-looking statement. Any forward-‎looking statements contained in this news release are expressly qualified in their entirety by ‎this cautionary statement.‎

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