PowerBank Corporation Secures Funding for Solar Projects Growth
PowerBank Corporation Secures Funding for Community Solar Expansion
PowerBank Corporation (NASDAQ: SUUN) has officially announced funding totaling $1.74 million earmarked for the development of three innovative community solar projects. This initiative aims to significantly enhance renewable energy generation, with a combined capacity of 12.4 megawatts direct current (MW DC).
Project Overview and Funding Allocation
The solar projects — Sydney, Brooklyn, and Petpeswick — have been recognized under a grant facilitated by the Nova Scotia Department of Environment and Climate Changes, managed by the Net Zero Atlantic program. Each project has its own dedicated funding allocation; $340,000 will support the Sydney Solar Project, while the Brooklyn Solar Project is awarded $960,000, and the Petpeswick Solar Project will receive $440,000. The collaboration reflects PowerBank's commitment to sustainable energy solutions, emphasizing its role as the lead developer and builder for these projects.
Collaborative Efforts Driving Success
To ensure project success, PowerBank will collaborate with Trimac Engineering, a trusted local engineering firm. This partnership is pivotal, as PowerBank leverages its extensive experience in community solar development. The company has previously completed over 50 MW of community solar projects in the United States, bringing invaluable insights to the Canadian solar market.
Supporting Renewable Energy Goals in Nova Scotia
Dr. Richard Lu, President and CEO of PowerBank, expressed pride in supporting Nova Scotia's commitment to renewable energy development. "This funding will significantly aid the creation of sustainable solar projects that not only provide clean energy but also deliver energy savings throughout the province," he commented. PowerBank's vast experience encompasses over a decade in various solar development sectors, including community solar and government initiatives.
Impact of the Nova Scotia Community Solar Program
The Nova Scotia Community Solar Program stands as a remarkable initiative, positioning itself as Canada's first community solar program. This program not only aims to contribute 100 MW of solar energy to the grid but also plays a crucial role in reducing fossil fuel dependency and addressing climate change. The clean energy produced will integrate directly into the local electricity grid, and community members can benefit without the need for individual solar panel installations. Through project subscriptions, participants can earn credits on their electric bills, achieving savings of approximately $0.02 per kilowatt-hour from generated electricity.
About PowerBank Corporation
PowerBank Corporation stands out as an independent developer and owner focusing on community and distributed solar projects across Canada and the USA. With a portfolio exceeding 100 MW of completed projects and a pipeline of development over 1 gigawatt (GW), PowerBank is strategically positioned for substantial growth in the renewable energy sector. Their projects cater to utilities, businesses, and residential customers, highlighting their diverse capabilities in energy solutions.
Comprehensive Development Pipeline
PowerBank is dedicated to maximizing returns by developing a broad spectrum of projects across key North American markets. Their comprehensive project portfolio includes partnerships with utilities and initiatives in community solar and virtual net metering projects. The company's commitment to renewable energy is underscored by its extensive development pipeline, ensuring multiple high-capacity renewable energy projects are in motion.
Frequently Asked Questions
What is the purpose of the funding received by PowerBank?
The funding will be used to develop three community solar projects, significantly increasing renewable energy generation in Nova Scotia.
How much funding is allocated to each solar project?
The funding allocation includes $340,000 for the Sydney Solar Project, $440,000 for Petpeswick, and $960,000 for Brooklyn.
What role does Trimac Engineering play in the projects?
Trimac Engineering will partner with PowerBank as a local trusted engineering firm, ensuring the successful implementation of the solar projects.
What is the Nova Scotia Community Solar Program's goal?
The program aims to contribute 100 MW of solar energy to the grid and support Nova Scotia’s transition to 80% renewable energy by 2030.
How can community members benefit from these solar projects?
Community members can subscribe to the solar projects, enabling them to receive energy credits on their electric bills, thus saving on costs.
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