SolarBank announces $49.5M transaction with Qcells

SolarBank (SUUN)is pleased to announce that Qcells, through an affiliate, has entered into agreements to acquire from the company a total of four ground-mount solar power projects that are under development in upstate New York representing 25.577 MW. The Projects are known as Gainesville, Hardie, Rice Road and Hwy 28. SolarBank originated the sites in upstate New York and the Projects have received positive interconnection results via a completed Coordinated Electric System Interconnection Review. The Projects will be developed as four separate solar power projects. The company will now continue to build the Projects for Qcells to commercial operation via engineering, procurement, and construction agreements. The sale of the Projects and EPC agreement have a total value of approximately $49.5M. The company also expects that it will retain an operations and maintenance contract for the Projects following the completion of construction.