TORONTO, ON - July 10, 2025 - SolarBank Corporation (Cboe CA: SUNN) (NASDAQ: SUUN) ("SolarBank" or the "Company"), a leading North American developer, owner, and operator of solar and battery energy storage systems (BESS), is pleased to update current and prospective shareholders about how the Company is positioning itself for success in the shifting policy environment in North America.
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In the United States, recent federal legislation—the so-called Big Beautiful Bill ("BBB")—has introduced a new timeline for clean energy investment tax credits (ITCs).Under the BBB, projects that begin construction by July 4, 2026 can still qualify for the full tax credit, provided they reach commercial operation within four years.
"SolarBank is prepared," said Dr.
Richard Lu, CEO of SolarBank."We have enough advanced-stage projects we can get into construction before the deadline to take advantage of the tax credits.In particular, there is still enough time to execute on the projects supported by the $100 million financing with CIM." The Company has prioritized development pathways in key U.S.
states where site control, interconnection progress, and permitting are sufficiently advanced to qualify for full ITC treatment under the new rules.The $100 million in project-level capital announced through a strategic partnership with CIM Group provides much of the capital to allow SolarBank to move swiftly toward construction on a 97 MW portfolio in these high-value markets. In parallel, SolarBank's diversified footprint across Canada offers resilience against U.S.policy risk.
The Company is currently deploying battery storage systems in Ontario under the Independent Electricity System Operator's (IESO) Long-Term RFP framework, which is designed to secure clean, dispatchable capacity through decade-long contracts.SolarBank is also a leader in Nova Scotia's Community Solar program, where it holds significant market share and is actively expanding. "SolarBank benefits from Canada's support to clean energy," Dr.Lu added, "and is leading the charge to build Canada as an energy superpower." He pointed to Prime Minister Mark Carney's "Build, baby, build" initiative—Canada's new fast-track push for infrastructure, housing, and energy development—as a major accelerant for clean energy developers with shovel-ready assets. The broader outlook for solar and storage in the U.S.
remains robust.According to recent federal data, the United States will need to add over 206 gigawatts of new power capacity by 2030, with solar expected to supply nearly three-quarters of that demand.In Q1 2025 alone, solar and wind accounted for 98% of new capacity brought online nationwide. "March 2025 marked the 19th consecutive month that solar was the largest source of new electrical capacity in the U.S.," said Dr.
Lu."As costs continue to fall, and with superior speed to market, in my view there remains a bright future for solar and battery storage projects." SolarBank continues to monitor policy changes across jurisdictions and is actively shaping its construction and financing schedules to maximize incentives while building long-term shareholder value. There are several risks associated with the development of the projects disclosed in this press release.The development of any project is subject to receipt of a community solar contract, receipt of required permits, the availability of third-party financing arrangements for the Company and the risks associated with the construction of a solar power project.
In addition, governments may revise, reduce or eliminate incentives and policy support schemes for solar power, which could result in future projects no longer being economic.The CIM transaction is subject to the execution of definitive documentation setting out all of the representations, warranties, covenants and conditions precedent associated with the CIM transaction.There is a risk that definitive documentation may not be executed or that the conditions precedent to the CIM Transaction are not satisfied.
In such case, no funding will be advanced under the terms of the CIM transaction.SolarBank will also need to secure the financing required to develop projects to mechanical completion and substantial completion, as prior to such milestone none of the funding from the CIM transaction will be available.Please refer to "Forward-Looking Statements" for additional discussion of the assumptions and risk factors associated with the Projects and statements made 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, Battery Energy Storage System (BESS) and EV Charging 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 North America 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 100 megawatts built.
To learn more about SolarBank, please visit www.solarbankcorp.com.
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