- SolarBank (CSE:SUNN) has acquired a 100 per cent interest in the US1 Project and VC1 Project, each located in New York
- The first is the US1 Project, which is expected to generate an estimated 578,000 kWh of clean, renewable energy in its first year of operation
- The second is the VC1 Project, which is expected to generate an estimated 387,000 kWh of clean, renewable energy in its first year of operation
- SolarBank stock (CSE:SUNN) opened trading at C$6.31 per share
SolarBank (CSE:SUNN) has acquired a 100 per cent interest in the US1 Project and VC1 Project, each located in New York.
The top-performing solar stock previously held a 67 per cent interest in the projects and has now acquired the remaining 33 per cent from the minority partner through a cash purchase price of US$70,000.
The first is the US1 Project, which is a ground-mount solar power operation at a municipally owned utility campus in the Village of Union Springs, N.Y. The system will sell electricity to the municipality via remote net metering and has an installed capacity of 389.7kW DC. It is expected to generate an estimated 578,000 kWh of clean, renewable energy in its first year of operation.
The second is the VC1 Project, which is a ground-mount solar power station at a municipally owned utility campus in the Village of Cazenovia, N.Y. The system will sell electricity to the municipality via remote net metering and has an installed capacity of 297.9kW DC. In its first year of operation, it is expected to generate an estimated 387,000 kWh of clean, renewable energy.
“SolarBank is steadily increasing the size of its portfolio of owned and operated solar power projects,” Richard Lu, CEO of SolarBank, said in a statement. “These two projects will generate nearly 1 MW of clean, renewable energy in their first year and with the recently completed OFIT acquisition, the company’s IPP portfolio is now over 3.5 MW.”
SolarBank is an independent renewable and clean energy project developer and owner focused on distributed and community solar projects in Canada and the United States.
SolarBank stock (CSE:SUNN) opened trading at C$6.31 per share. The stock has gained 232.11 per cent year-over-year and 190.78 per cent since its IPO in March 2023.
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