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Expected to operate as a community solar site, selling credits to subscribers.
350 homes are expected to get electricity once the formula is operational.
Eligible to participate in the NYSUN program for NYSERDA incentives.
TORONTO, Jan. 22, 2024 /PRNewswire/ — SolarBank Corporation (CSE: SUNN) (OTC: SUUNF) (FSE: GY2) (“SolarBank” or the “Company”) announces that it has signed a lease for a 15-acre landing in Nassau, New York. SolarBank intends to expand an allocation of 3 MW DC ground-mounted solar power in (the “Project”). The allocation is expected to be eligible for incentives from the New York State Energy Research and Development Authority (“NYSERDA”) NY-Sun Program.
The Corporation has submitted its initial interconnection application for the assignment and is awaiting the effects of this proceeding. Upon receipt of the interconnection approval, the Company will proceed with the authorization procedure and secure mandatory financing for the allocation structure.
Once completed, the Project will be operated as a community solar project. Community solar is a group of solar panels with access to the local electricity grid. Once the panels are turned on and generating electricity, clean energy from the site feeds into the local power grid. Depending on the size and number of panels the project has, dozens or even hundreds of renters and homeowners can save money from the electricity that is generated by the project. By subscribing to a project, a homeowner earns credits on their electric bill every month from their portion of the solar that’s generated by the project, accessing the benefits of solar without installing panels on their home.
There are several threats related to the advancement of the assignment. Advancement of any assignment is subject to obtaining interconnection approval, required permits, continued availability of third-party financing agreements to the Company, and threats related to the structure of a sol. energy allocation. In addition, governments would possibly review, reduce, or eliminate incentives and policy systems for solar energy, which may also result in long-term allocations becoming unprofitable. Please refer to the “Forward-Looking Statements” segment for more information. further discussion of the assumptions and threat points related to the statements contained in this press release.
About SolarBank Corporation
SolarBank Corporation is an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects in Canada and the USA. The Company develops solar projects that sell electricity to utilities, commercial, industrial, municipal and residential off-takers. The Company maximizes returns via a diverse portfolio of projects across multiple leading solar markets including projects with utilities, host off-takers, community solar, and virtual net metering projects. The Company has a potential development pipeline of over one gigawatt and has developed renewable and clean energy projects with a combined capacity of over 70 megawatts built. To learn more about SolarBank, please visit www.solarbankcorp.com.
FORWARD-LOOKING STATEMENTS
This press release includes forward-looking data and forward-looking data within the meaning of Canadian securities law (collectively, “prospectuses”) that relate to the Company’s existing expectations and revisions relating to long-term events. Anyone that expresses or implies discussions relating to long-term expectations, beliefs, plans, objectives, assumptions or occasions or functionalities (often, but not always, through the use of words or expressions such as “very likely to result”, “deserve” , “expects”, “will continue”, “is expected”, “anticipates”, “believes”, “estimates”, “intends”, “plans”, “expects”, “allocation”, “strategy”, “objective” and “outlook”) are not past facts and would likely be forward-looking statements and possibly involve estimates, assumptions and uncertainties that may also cause actual results or effects to differ materially from those expressed in such forward-looking statements. In particular, and without limitation, this press release includes forward-looking statements relating to the Company’s expectations relating to its industry trends and general market expansion; the Company’s expansion strategies, the expected force production from the solar force allocation discussed in this press release; reduce carbon emissions; The receipt allows it and the financing to be able to build the Project; and receipt of incentives for the assignment. There can be no assurance that such expectations will prove to be correct and undue reliance should not be placed on the forward-looking statements included in this press release. These terms speak only as of the date of this press release.
Forward-looking statements are based on certain assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate, and are subject to risks and uncertainties. In making the forward looking statements included in this news release, the Company has made various material assumptions, including but not limited to: obtaining the necessary regulatory approvals; that regulatory requirements will be maintained; general business and economic conditions; the Company’s ability to successfully execute its plans and intentions; the availability of financing on reasonable terms; the Company’s ability to attract and retain skilled staff; market competition; the products and services offered by the Company’s competitors; that the Company’s current good relationships with its service providers and other third parties will be maintained; and government subsidies and funding for renewable energy will continue as currently contemplated. Although the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and the Company cannot assure that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties and assumptions, investors should not place undue reliance on these forward-looking statements.
Whether actual results, performance or achievements will conform to the Company’s expectations and forecasts is subject to a number of known and unknown hazards, uncertainties, assumptions and other factors, in addition to those indexed in “Forward-Looking Statements. ” ”. and “Risk factors”. in the Company’s final detailed prospectus dated February 10, 2023 and other public filings of the Company, including: the Company would possibly be adversely affected by volatility in the Sun Force market and industry situations; the execution of the Company’s expansion strategy depends on the continued availability of component third-party financing arrangements; The company’s long-term good fortune depends in part on its ability to expand the portfolio of its strength businesses in several key markets; governments can review, reduce or eliminate incentives and policy support systems for solar energy and battery storage; general global economic situations would likely have a negative effect on our operational functionality and the effects of operations; the Company’s allocation and structure progression activities would likely fail; the progression and operation of solar assignments expose the Company to various dangers; The Company faces a number of dangers related to compulsory purchase agreements (“PPAs”) and award-level financing arrangements; any adjustments in legislation, regulations and policies to which the Company is subject could provide technical, regulatory and economic barriers to the acquisition and use of Sun Force; the markets in which the Company competes are highly competitive and change rapidly; an anti-circumvention investigation may also have an adverse effect on the Company by potentially expanding the costs of key materials for the structure of solar force allocations; fluctuations in replacement rates; an increase in the Company’s effective tax rate could have an adverse effect on its business; seasonal diversifications in demands similar to structural cycles and weather conditions could influence the effects of the Company’s operations; the Company may not be able to generate sufficient cash flow or access external financing; The company may also incur really significant additional debt in the long term; the company is informed of dangers similar to the problems in the chain of origin; dangers related to inflation; unforeseen warranty expenses that may not be adequately covered through the Company’s insurance policies; if the Company is unable to attract and retain key personnel, it may not be able to compete well in the renewable energy market; There is a limited number of customers for quantities of electrical energy at the application level; Compliance with environmental laws and regulations can be costly; corporate liskill would possibly result in additional costs; The future effect of COVID-19 on the Company is unknown at this time; the Company has limited insurance coverage; the Company will be dependent on data generating systems and possibly subject to harmful cyberattacks; The company may also simply be subject to litigation; there is no guarantee how the Company will use the available funds; the Company will continue to sell securities for money to finance its operations, capital expansion, mergers and acquisitions that will dilute existing shareholders; and long-term dilution resulting from financing.
The Company assumes no legal responsibility to update or revise any forward-looking statements, whether as a result of new information, long-term events or otherwise, unless required by law. From time to time new points emerge and it is not imaginable for the company to expect all of them, nor to assess the effect of each of those points or the extent to which any factor, or combination of points, could cause the effects to change. differs materially from those contained in any forward-looking statements. All forward-looking statements contained in this press release are expressly qualified in their entirety through this cautionary statement.
SOURCE Company SolarBank
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