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An announcement from Solarbank Corp. ( (TSE:SUNN) ) is now available.
SolarBank Corporation announced the commencement of construction for its first Battery Energy Storage System (BESS) project in Ontario, financed by a $25.8 million facility from the Royal Bank of Canada. This project marks SolarBank’s entry into the growing battery energy storage market, projected to expand significantly by 2029. SolarBank’s competitive positioning is highlighted by a 22-year contract with the Independent Electricity System Operator, offering favorable terms compared to other projects. The project is also eligible for a significant Clean Technology Investment Tax Credit, enhancing its economic returns. SolarBank holds a 50% interest in the project, with the other half owned by First Nations communities in Ontario. However, potential risks include regulatory requirements, financing availability, and government policy changes impacting incentives for energy storage.
More about Solarbank Corp.
SolarBank Corporation is an independent renewable and clean energy project developer and owner that focuses on distributed and community solar projects in Canada and the USA. The company develops solar, battery energy storage systems (BESS), and EV charging projects, selling electricity to various off-takers including utilities, commercial, industrial, municipal, and residential clients. SolarBank has a diverse project portfolio across North America and a development pipeline of over one gigawatt, with over 100 megawatts of renewable and clean energy projects built.
YTD Price Performance: 0%
Technical Sentiment Consensus Rating: Sell
See more data about SUNN stock on TipRanks’ Stock Analysis page.
