Source: SolarBank.
  • A SolarBank (SUNN) solar project has initiated commercial operations in New York
  • Per the power purchase agreement, SolarBank will sell electricity to the local municipality via remote net metering
  • The project boasts an installed capacity of 389.7 kW DC and is expected to generate an estimated 578,000 kWh of renewable energy in its first year
  • SolarBank is a renewable and clean energy project developer focused on distributed and community solar projects in Canada and the U.S.
  • SolarBank (SUNN) is up by 0.79 per cent, trading at $2.54 per share

A SolarBank (SUNN) solar project has initiated commercial operations in New York.

The project is located at a municipally-owned utility campus in the Village of Union Springs.

The company secured more than $175,000 in government incentives for the build, which it oversaw from development to construction, and will assume majority ownership of upon final closing.

Per the power purchase agreement, SolarBank will sell electricity to the municipality via remote net metering. The project boasts an installed capacity of 389.7 kW DC and is expected to generate an estimated 578,000 kWh of renewable energy in its first year.

“This is another milestone for us as we build corporate value through ownership of projects that we complete and the energy they generate,” said Richard Lu, CEO at SolarBank. “We appreciate the Village of Union Springs and its proactive approach to mitigating climate change with our solar systems. Our company is in a position of strength given the initiatives backstopped by the NYSERDA NY-Sun programs, and we intend to remain relentless in the pursuit of our goal to become a large-scale independent power provider.”

SolarBank is a renewable and clean energy project developer focused on distributed and community solar projects in Canada and the U.S. Its potential development pipeline stands at over 700 megawatts.

SolarBank (SUNN) is up by 0.79 per cent, trading at $2.54 per share as of 9:34 am EST.


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