- The Hoadley Hill Rd project will operate as a community solar installation, feeding clean energy into the local grid, and is expected to power approximately 850 homes.
- Solar Simplified will manage customer acquisition and billing for the community solar effort, and the project may qualify for incentives under New York’s NYSERDA NY-Sun Program.
- To support continued growth, SolarBank has announced up to $19 million USD in equity financing from a single institutional investor.
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., is moving forward with a new solar power installation in upstate New York as part of its expanding renewable energy portfolio. The company announced plans to develop the 7.2 megawatt Hoadley Hill Rd solar project, to be located on a secured leased site, with interconnection approval already requested (https://ibn.fm/Y4VIZ).
Once operational, the installation is expected to serve as a community solar project, allowing local renters and homeowners to subscribe to the project and receive credits on their electric bills. The model provides households with access to renewable energy without requiring the installation of rooftop panels. According to the company, the Hoadley Hill project is expected to generate enough electricity to power roughly 850 homes.
The project could be eligible for incentives through the New York State Energy Research and Development Authority (“NYSERDA”) NY-Sun Program, which supports the deployment of solar in the state. That approval, along with permitting and financing, will be required before construction can begin.
The customer-facing side of the Hoadley Hill project will be managed by Solar Simplified, a third-party provider specializing in customer enrollment and billing for community solar. By outsourcing customer acquisition and management, SolarBank can focus on engineering, development, and execution of projects while ensuring that capacity is fully subscribed from day one.
The Hoadley Hill project marks another step forward for the company’s strategy to grow its pipeline of renewable energy assets, particularly in the U.S. Northeast and Canada. SolarBank’s current development pipeline now exceeds one gigawatt, including several solar projects and battery energy storage systems (“BESS”), such as two BESS projects underway in Ontario and one in New York.
To fund this and other initiatives, the company recently announced up to $19 million USD in equity financing through a registered direct offering (https://ibn.fm/154Ov). SolarBank entered into an agreement with a single institutional investor to sell 2.39 million common shares and accompanying warrants at a combined purchase price of $3.55 USD per share and warrant, for initial gross proceeds of approximately $8.5 million USD.
Details of the financing indicate the warrants are exercisable at $4.45 USD per share and are valid for five years. If fully exercised, the warrants could raise an additional $10.65 million USD, though the company cautioned there is no guarantee that the warrants will be exercised.
SolarBank plans to use proceeds from the offering to further develop its independent power producer assets, but also for working capital and other corporate needs. The move reflects SolarBank’s broader strategy of expanding its footprint across North America’s clean energy sector, positioning itself to support growing demand for decentralized, renewable power generation.
For more information, visit the company’s website at SolarBankCorp.com.
This report contains forward looking information. Please refer to the press releases entitled “7.2 MW Hoadley Hill Rd Solar Project in Development by SolarBank in New York” and “SolarBank Corporation Announces Closing of up to US$19 Million Equity Financing” for additional details on the statements and related 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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