- SolarBank (CSE:SUNN) has signed engineering, procurement and construction agreements for the construction of three separate projects with a total contract value of $36 million
- The three battery energy storage system projects each have a discharge capacity of 4.74 megawatts with 18.96 megawatt hours of storage
- SolarBank currently manages solar farms at two of the three locations that will now host a battery energy storage system
- SolarBank Corp. opened trading at C$9.15 per share
SolarBank (CSE:SUNN) has signed engineering, procurement and construction agreements for the construction of three separate projects.
The agreements come with a total contract value of $36 million.
The battery energy storage system projects are owned by Solar Flow-Through Funds, two First Nations communities and a third-party developer in Ontario.
The three projects each have a discharge capacity of 4.74 megawatts with 18.96 megawatt hours of storage.
SolarBank manages solar farms at two of the three locations that will now host a battery energy storage system.
The battery energy storage market is forecast by Fortune Business Insights to grow at a 16.3 per cent compound annual growth rate from 2022 to reach US$31.2 billion by 2029.
SolarBank Corp. is a renewable and clean energy project developer involved with distributed and community solar projects in Canada and the United States. Its potential development pipeline stands at more than 700 megawatts.
Earlier this week, the Toronto-based company announced it had begun major construction on its largest project yet, the Geddes project in Geddes, New York.
SolarBank has completed hundreds of solar power plants for commercial and industrial clients. The company has also completed 70 community solar projects in collaboration with the Central New York Regional Planning and Development Board. Approximately 90 per cent of SolarBank’s contracts to date have been awarded by governments in Ontario, New York and Maryland.
SolarBank Corp. opened trading up 1.8 per cent at C$9.15 per share. In the past three months, SolarBank stock has risen 11.41 per cent.
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