Disseminated on behalf of SolarBank Corporation
SolarBank (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2), a premier developer and owner of renewable and clean energy projects, specializing in distributed and community solar initiatives throughout Canada and the U.S., announced the development of a new 7.2 megawatt DC ground-mount solar project in upstate New York. The Glor Rd project, as it is known, adds to a string of solar installations that the company is developing across the region (https://ibn.fm/Z98Pf).
The project will operate under New York’s community solar framework, which allows residents and renters to subscribe to clean energy without installing solar panels on their own properties. Once online, the project is expected to provide electricity for approximately 850 homes.
The company has secured a lease for the project site and initiated its interconnection study, a key step in assessing how the project will connect to the local electric grid. Completion of the study will allow the company to move forward with permitting and financing.
The project is eligible for compensation under New York’s Value of Distributed Energy Resources (“VDER”) mechanism. The VDER rate compensates solar projects for the energy they supply to the grid. For Glor Rd, the projected average year-one compensation is $0.0971/kWh under Public Utility Commission case 15-E-0751.
In addition, SolarBank is targeting one-time incentives of up to $0.245 per watt DC through the NYSERDA NY-Sun Program. These state-level incentives are designed to support the upfront financing of solar projects and are a key part of New York’s broader renewable energy strategy.
Once operational, Glor Rd will feed power directly into the grid, with subscribed residents earning monthly credits on their electric bills. Solar Simplified, SolarBank’s customer acquisition and subscription partner, will handle outreach, enrollment, and ongoing subscriber management. This arrangement enables SolarBank to concentrate on project development while ensuring a reliable revenue stream from full project subscription.
The Glor Rd site is part of a broader expansion by SolarBank across upstate New York, where the company is developing a pipeline of solar assets totaling more than one gigawatt. This effort reflects both state policy momentum in support of clean energy and growing private-sector appetite for distributed solar generation.
The project announcement reinforces SolarBank’s activity in a state that has been aggressively pursuing renewable energy targets. With policies like VDER and NYSERDA incentives in place, upstate New York continues to offer fertile ground for clean energy developers seeking stable returns and long-term growth.
For more information, visit the company’s website at SolarBankCorp.com.
This report contains forward-looking information. Please refer to the press release entitled “7.2 MW Glor Rd Solar Project in Development by SolarBank in New York” for additional details on the statements, assumptions and risks.
NOTE TO INVESTORS: The latest news and updates relating to SUUN are available in the company’s newsroom at https://ibn.fm/SUUN
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