SolarBank Corp. (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) Expands Solar Portfolio with Two New Projects in Upstate New York

• The Jordan Rd, Gainesville project will have a capacity of 7.2 MW DC, while the Glen Rd project will have a capacity of 4.3 MW DC.
• The projects are expected to provide electricity to approximately 1,350 homes.
• Both projects will operate under New York’s community solar model, allowing residents to benefit from solar energy without installing panels.
• Solar Simplified will manage customer-facing operations, ensuring smooth implementation and subscription management.
• These projects further enhance the company’s development pipeline that exceeds one gigawatt.

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 expanding its renewable energy footprint with the development of two new solar power projects in upstate New York. The company announced plans to build a 7.2 MW DC ground-mount solar project in Gainesville, known as the Jordan Rd project (https://ibn.fm/dfntr), and a 4.3 MW DC ground-mount solar project on Glen Rd (https://ibn.fm/pu0xN). Combined, these projects are expected to generate enough electricity to power approximately 1,350 homes.

Both projects are moving forward with secured site leases and ongoing interconnection studies. If the studies are successful, SolarBank will proceed with permitting and securing financing for construction. The projects are also expected to qualify for incentives under the New York State Energy Research and Development Authority (“NYSERDA”) NY-Sun Program, which supports the expansion of solar energy across the state.

Once completed, both solar farms will operate under New York’s community solar model. This system allows local residents and businesses to subscribe to a share of the solar project and receive credits on their electricity bills. Community solar eliminates the need for homeowners to install panels on their properties while still allowing them to benefit from renewable energy.

The Jordan Rd project in Gainesville is expected to supply power to approximately 850 homes, while the Glen Rd project will provide electricity to around 500 homes. By adding these projects to its portfolio, SolarBank continues its efforts to expand clean energy accessibility and contribute to New York’s renewable energy targets.

To manage the customer-facing aspects of these projects, SolarBank is partnering with Solar Simplified. This collaboration ensures full project subscription and optimized revenue from the start. Solar Simplified specializes in customer acquisition, enrollment, and subscription management, allowing SolarBank to focus on development and scaling its renewable energy initiatives.

The partnership aligns with SolarBank’s broader strategy to streamline operations and enhance project efficiency. With a development pipeline exceeding one gigawatt, the company aims to accelerate its growth in the renewable energy sector by continuously bringing new solar projects online.

The company recently announced a partnership with Viridi, an industry leader in fail-safe battery energy storage systems, to develop a combined 3.06 megawatt (“MW”) direct current ground-mounted solar power project and a 1.2 megawatt-hour (“MWh”) BESS in Buffalo, New York. Additionally, SolarBank is building three large-scale battery energy storage systems – two in Ontario and one in New York. As demand for renewable energy grows, SolarBank’s expansion into community solar projects positions the company as a key player in the transition to clean energy.

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

This report contains forward looking information. Please refer to the press releases entitled “4.3 MW Glen Rd Solar Project in Development by SolarBank in New York” and “7.2 MW Jordan Rd, Gainesville Solar Project in Development by SolarBank in New York” for additional details on the statements, risk and assumptions.

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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