NetworkNewsBreaks – SolarBank Corp. (NASDAQ: SUU

NetworkNewsBreaks – SolarBank Corp. (NASDAQ: SUUN) (CSE: SUNN) (NEO: SUNN) (FSE: GY2) Secures $25.8M Finance Facility

SolarBank (NASDAQ: SUUN) (CSE: SUNN) (NEO: SUNN) (FSE: GY2) announced that its subsidiary has secured the financial closing of a combined project loan in a principal amount of $25.8 million from Royal Bank of Canada. The loan will be used for the construction, operation and maintenance of two 4.99 MW Battery Energy Storage System (“BESS”) projects to be located in Ontario, with project names SFF 06 and 903, respectively. According to the announcement, the projects are owned by 1000234763 Ontario Inc., which is the borrower under the terms of the loan. The projects represent SolarBank’s initial foray into battery energy storage, a market that Fortune Business Insights forecasts to grow at a 16.3% CAGR from 2022 to reach US$31.2 billion by 2029.

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