- SolarBank (NEO:SUNN) has teamed up with TriMac Engineering to develop several solar projects to expand clean energy access in the region
- The top-performing solar stock and TriMac are set to develop a 10 MW DC community solar garden in the rural community of Enon, along with three additional 7 MW DC projects in Sydney, Halifax and Annapolis
- Subscribers to these community solar initiatives will benefit from a solar energy credit of $0.02 per kilowatt-hour on their power bills for the energy generated by their subscription
- SolarBank stock last traded at C$8.00
Solar energy continues to gain traction as a key player in the global shift towards renewable energy sources. In the heart of Nova Scotia, SolarBank (NEO:SUNN) has teamed up with TriMac Engineering of Sydney, to pioneer the development of several solar projects aimed at expanding clean energy access in the region.
Under a groundbreaking initiative announced by the Government of Nova Scotia on March 1, the top-performing solar stock and TriMac are set to develop a 10 MW DC community solar garden in the rural community of Enon, along with three additional 7 MW DC projects in Sydney, Halifax and Annapolis. These projects are not only poised to significantly boost the region’s renewable energy capacity but also align with the government’s ambitious goal of integrating up to 100 MW of clean, renewable solar generation into the grid.
Key highlights of the Community Solar Program
Reducing dependence on fossil fuels: By adding clean solar energy to the grid, Nova Scotia aims to decrease its reliance on fossil fuels, thereby mitigating climate change and fostering a more sustainable energy landscape.
Powering homes: With each megawatt of solar power capable of energizing approximately 131 homes annually, these projects hold the promise of providing clean, affordable energy to a significant number of households across Nova Scotia.
Community solar gardens: Community participation lies at the heart of these initiatives, with eligible groups encouraged to collaborate in building and owning solar gardens. Each community solar garden can produce up to 10 megawatts of power, enabling local communities to actively contribute to the transition towards renewable energy.
Solar energy credits: Subscribers to these community solar initiatives will benefit from a solar energy credit of $0.02 per kilowatt-hour on their power bills for the energy generated by their subscription. Administered by Nova Scotia Power Inc., this incentive makes solar energy accessible and financially viable for residents and businesses.
Future prospects and timeline
TriMac and SolarBank are in the planning stages, gearing up to apply for the Community Solar Program Contract from the province by July 2024. Pending approval, construction is anticipated to commence in 2025, with the new solar gardens expected to be operational by spring 2026.
Investment implications
For investors eyeing opportunities in the renewable energy sector, SolarBank’s partnership with TriMac Engineering presents a compelling prospect. As these projects materialize, SolarBank stands to strengthen its position as a key player in the solar energy market while contributing to the sustainable development of Nova Scotia’s energy infrastructure.
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 (NEO:SUNN) last traded at C$8.00 per share. The stock has gained 288.95 per cent year-over-year and 169.71 per cent since its IPO in March 2023.
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