SolarBank Corp. (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) Clears Regulatory Hurdle for 7.2 MW Hoadley Hill Solar Project in New York

• The Hoadley Hill project has passed the CESIR process, a key step toward interconnection with the local grid.
• The 7.2 MW ground-mount solar array is expected to power the equivalent of 850 homes.
• The project is structured as a community solar initiative, enabling local residents to subscribe and receive utility bill credits.
• It will benefit from New York’s VDER compensation system, offering US$0.0971/kWh in projected year-one compensation.

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., has announced that it has successfully completed the Coordinated Electric System Interconnection Review (“CESIR”) for its 7.2-megawatt Hoadley Hill Road solar project in upstate New York. The regulatory clearance marks a critical milestone in advancing the project toward construction (https://ibn.fm/9Oe8o).

The CESIR process is an essential part of connecting new distributed energy resources to the electric grid in New York State. By completing this step, SolarBank now turns to final permitting, financing arrangements, and site preparation, according to a company statement.

The project, when operational, is expected to generate enough electricity to supply approximately 850 homes. It will feed into the local grid and participate in New York’s Value of Distributed Energy Resources (“VDER”) compensation program. Under current estimates, the Hoadley Hill installation will receive an average of US$0.0971 per kilowatt-hour in its first year of production.

“With the interconnection review now in the rearview mirror, we’re shifting into high gear,” said SolarBank CEO Dr. Richard Lu. “We’re now full speed ahead on permitting and project financing to bring this clean energy solution online.”

SolarBank is also pursuing incentives through the New York State Energy Research and Development Authority (“NYSERDA”) under its NY-Sun Program. The initiative, aimed at accelerating solar development across the state, could provide SolarBank with a one-time payment of up to US$0.395 per watt DC installed. If available and secured, this would help offset upfront capital costs and improve project economics.

The Hoadley Hill project will operate on a fully merchant basis. This allows it to sell electricity directly to the market under prevailing compensation mechanisms, offering flexibility and potential upside, while increasing exposure to market risks.

The project is structured as a community solar initiative, a model that allows residents and small businesses to subscribe to the solar farm and receive credits on their monthly electricity bills. This structure is gaining popularity as it removes the barriers of rooftop installations while expanding access to renewable power.

New York, in particular, has become a center of activity for community solar. As of 2024, the state generated nearly one-third of the U.S.’s 6.2 GW in total community solar capacity. The Hoadley Hill project contributes to New York’s goal of reaching 6 GW of installed solar capacity by the end of 2025, as outlined in the state’s Climate Leadership and Community Protection Act.

With over 100 MW of solar projects already developed and a pipeline exceeding 1 GW, SolarBank continues to build momentum. The company focuses on community-scale installations in key U.S. and Canadian markets, blending regulatory compliance with scalable execution.

For more information, visit the company’s website at SolarBankCorp.com.

This report contains forward looking information. Please refer to the press release entitled “SolarBank’s 7.2 MW Hoadley Hill Project Successfully Completes Major Interconnection Study on Path to Permit” for additional details.

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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