SolarBank to develop a 2.9 MW DC ground-mount solar power project

SolarBank announced its plans to develop a 2.9 MW DC ground-mount solar power project known as the Silver Springs project on a site located in Gainesville, New York. With a secured site lease and interconnection study underway, the project is another key addition to SolarBank’s expanding development pipeline and presence in the region. Following the interconnection study, the company will continue to work to complete the permitting process and secure the necessary financing for the construction of the Project. The Project is expected to be eligible for incentives under the New York State Energy Research and Development Authority, or NYSERDA, NY-Sun Program. Once completed, the project will be operated as a community solar project. The clean energy generated by a community solar project feeds directly into the local electricity grid. Depending on the size and number of panels the project has, dozens or even hundreds of renters and homeowners can earn credits on their electric bill and save money from the electricity that is generated by the project. By subscribing to a project, community members can access the benefits of renewable energy without having to install panels on their home. There are several risks associated with the development of the project. The development of any project is subject to receipt of interconnection approval, required permits, the continued availability of third-party financing arrangements for the company and the risks associated with the construction of a solar power project. 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.