- SolarBank (CSE:SUNN), a top-performing solar stock, is charting a course to continue its considerable growth and market-beating returns since its initial public offering earlier this year
- It has secured C$107 million in engineering, procurement and construction contracts since inception and built a development pipeline of more than 1 GW
- 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) has gained 181.11 per cent since its IPO in March, trouncing the S&P/TSX Composite Index’s -0.62 per cent return over the period
SolarBank (CSE:SUNN), a top-performing solar stock, is charting a course to continue its considerable growth and market-beating returns since its initial public offering on March 1.
Since becoming a public company, SolarBank has secured a US$41 million contract with with Honeywell International for three community solar projects, C$36 million in engineering, procurement and construction (EPC) contracts for three separate BESS projects in Ontario, and an US$11.35 million EPC contract for a 5.9 MW community solar project in New York.
Other noteworthy operational highlights include:
- May 2023: The commencement of trading on the OTCQX Best Market
- June 2023: The acquisition of 67 per cent of the US1 Project and VC1 Project in New York, each with a municipal power purchase agreement, and beginning operations as an independent power producer
- June 2023: The award of 60 MWh of BESS contracts from the Ontario Independent Electricity System Operator because of proposals submitted by SolarBank on behalf of investors
- September 2023: The beginning of major construction on the 3.7 MW Geddes project, which is repurposing a closed landfill and represents the largest project to date to be owned by SolarBank. Once operational, the project is expected to provide green energy for more than 500 homes
SolarBank boasts a potential development pipeline of more than 1 GW and has developed projects with a combined capacity of more than 70 MW and a value in excess of C$100 million. The vertically integrated company, from origination to delivery, is well-positioned to deliver on this potential because of its more than 10 years of experience in North America’s US$80 billion solar market, including the design and construction of more than 100 solar power plants, a management team with more than a century of combined experience, and a tailwind in global renewable energy consumption expected to grow from 25 per cent in 2018 to 90 per cent by 2050.
“I am incredibly proud of our team and the corporate-wide achievements over the seven months from the completion of the IPO,” Richard Lu, CEO of SolarBank, said in a statement. “The company has excelled in every area of its core business, including site origination, interconnection, permitting, engineering, procurement, construction and operation and maintenance. With our footprint widening in Canada and the U.S., I anticipate our growth trends to continue and greatly look forward to delivering success for the balance of 2023 and beyond.”
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) is unchanged trading at C$6.17 per share. The stock has gained 221.05 per cent year-over-year and 181.11 per cent since its IPO in March 2023. The S&P/TSX Composite Index, for its part, is down by 0.73 per cent year-over-year.
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