SolarBank Corp. (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) Begins Construction on First Battery Storage Project in Ontario

Austin, Texas, United States, February 21st, 2025, FinanceWire

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 SUUN (Cboe CA: SUNN) GY, 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…

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About SolarBank Corporation

SolarBank Corporation is 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, Battery Energy Storage System (BESS) and EV Charging 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 North America 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 100 megawatts built. For more information, visit the company’s website at SolarBankCorp.com.

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.

This report contains forward looking information. Please refer to https://ibn.fm/G76GJ for additional details.

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The latest news and updates relating to SUUN are available in the company’s newsroom at https://ibn.fm/SUUN

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