SolarBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) ("SolarBank" or the "Company"), a leading North American developer and owner of clean energy assets, is pleased to announce that its 7.2 MW Hoadley Hill Road ground-mount solar project in upstate New York (the "Project") has officially cleared a key milestone: the Coordinated Electric System Interconnection Review (CESIR).This critical regulatory green light paves the way for the next major steps —securing full site permits, financing and preparing for construction.
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The Project is slated to deliver enough power to serve approximately 850 homes and will feed directly into the local grid.
Backed by New York's VDER (Value of Distributed Energy Resources) compensation mechanism, the Project is currently projected to receive US$0.0971/kWh in year-one average compensation.
"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 targeting incentives through NYSERDA's NY-Sun Program, with the potential to secure a one-time payment of up to US$0.395/W DC.These state-backed incentives are designed to de-risk the capital stack and accelerate the pace of solar deployment across New York State. Once permits and financing are secured, SolarBank intends to begin construction on what will be structured as a community solar project.That means no rooftop required—residents and businesses alike will be able to subscribe to the solar farm and receive credits on their utility bills.
Community solar has become one of the most dynamic segments of the renewable energy market, offering low-barrier access to clean power and cost savings without the installation or maintenance hassle. The Hoadley Hill project highlights SolarBank's scalable model and ability to execute.With over 100 MW of projects built and a development pipeline exceeding 1 GW, the Company brings deep bench strength and institutional-quality infrastructure development to the table. New York State remains the national leader in solar development, currently generating nearly one-third of the total 6.2 GW of community solar capacity across the United States.This Project adds further momentum to the state's push toward 6 GW of installed solar by the end of 2025—a cornerstone goal of its Climate Leadership and Community Protection Act. SolarBank's Hoadley Hill solar project sits at the intersection of climate goals, community engagement, and long-term energy infrastructure value.
As a fully merchant project optimized for incentive alignment and future cash flows, it also reflects the growing maturity of the community solar model. There are several risks associated with the development of the Project.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.
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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