$SUUN - SolarBank Advances Nova Scotia's Clean Energy Transformation with 2.4 MW Sydney Project in Canada
Published
Jun 16, 2025 8:00am EDT
Project to Power Equivalent of 221 Homes Annually Over $1.36 Millions in Combined Customer Savings over 25 Year Term
Part of Nova Scotia's Ambitious 80% Renewable Energy by 2030 Initiative
Enables Renters and Homeowners to Access Solar Without Rooftop Installation
$4.57 Million Investment in Local Clean Energy Infrastructure
Second Community Solar Project by SolarBank in Atlantic Canada
TORONTO, June 16, 2025 /PRNewswire/ - SolarBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) ("SolarBank" or the "Company"
, a North American energy infrastructure developer and asset owner, announces the continued execution of its community solar development pipeline with an update on its plans to develop a ground-mount solar power project known as the Sydney project (the "Project" totalling 2.4 MW DC located in Nova Scotia. This strategic project will generate approximately 2,730 MWh of clean energy annually—enough to power the equivalent of 221 homes for an entire year while eliminating approximately 1,900 tons of CO2 emissions annually, equivalent to removing 415 cars from the road.
The Project is owned by AI Renewable Flow-through Fund and SolarBank is the lead developer and builder for the Project. The Project has an estimated value of $4.57 million. SolarBank will partner with local Nova Scotia's trusted engineering firm, Trimac Engineering, to deliver the Project. SolarBank has been at the forefront of community solar development in the United States with over 50 MW of community solar projects completed and is proud to be deploying its expertise in Canada as the community solar market develops there.
The Sydney project advances SolarBank's community solar portfolio with a $4.57 million project generating contracted revenues through multiple streams. As developer and EPC contractor for this 2.4 MW facility, SolarBank captures value while minimizing capital at risk through partnership with AI Renewable Flow-through Fund. With permits secured and interconnection underway, construction expected in Spring 2026 positions the Company to generate near-term EPC revenues while building long-term recurring income through O&M contracts.
"This project underscores SolarBank's significant expertise and strategic vision in helping to drive Canada's renewable energy transformation," said Dr. Richard Lu, President and CEO of SolarBank. "With a proven track record of over a decade in community solar, commercial, and industrial projects, we're proud to provide solutions on Nova Scotia's ambitious renewable energy transition to deliver meaningful value for stakeholders and communities alike."
The Sydney project alone will generate over $1.36 Million in electricity savings for local residents over its lifetime while creating local jobs and supporting the Province's net-zero goals
This is SolarBank's second Community Solar project in Nova Scotia. The Canadian Federal government and the Province of Nova Scotia are very supportive of Community Solar, with a number of incentives, including the Smart Renewables and Electrification Pathways Program (SREPs), Indigenous-Led Clean Energy Stream, and the Low Carbon Communities program.
Community solar is a cornerstone of Nova Scotia's bold commitment to achieve 80% renewable energy by 2030 and net-zero by 2035. As one of only four community solar contracts awarded under the program so far, the Sydney Project contributes to the 100 MW of planned solar additions that will help reduce fossil fuel reliance and drive local economic development.
Unlike traditional rooftop systems, community solar allows renters, businesses, and homeowners to subscribe to the solar farm and receive bill credits and savings of $0.02/kWh—without installing any equipment. Project feeds directly into the local electricity grid and offers a flexible, accessible way for Nova Scotians to participate in the clean energy transition.
The Project leverages SolarBank's proven execution capabilities and strategic partnerships. With over 100 MW of projects built and a 1+ GW development pipeline, SolarBank brings institutional-grade development expertise to Atlantic Canada. The Project's clear timeline ensures near-term EPC revenue generation, and positions SolarBank to obtain additional development contracts in the high-growth community solar market.
Project Impact Summary:
Annual Clean Energy Generation: ~2,730 MWh
CO2 Reduction: ~1,900 tons annually
Local Economic Impact: $4.57 million investment + construction jobs
Customer Savings: Over $1.36 million in combined electricity savings
Energy Security: Contributes to Nova Scotia's energy independence
There are several risks associated with the development of the Project. The development of any project is subject to receipt of interconnection approval, receipt of a community solar contract, required permits, the continued 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.
Published
Jun 16, 2025 8:00am EDT
Project to Power Equivalent of 221 Homes Annually Over $1.36 Millions in Combined Customer Savings over 25 Year Term
Part of Nova Scotia's Ambitious 80% Renewable Energy by 2030 Initiative
Enables Renters and Homeowners to Access Solar Without Rooftop Installation
$4.57 Million Investment in Local Clean Energy Infrastructure
Second Community Solar Project by SolarBank in Atlantic Canada
TORONTO, June 16, 2025 /PRNewswire/ - SolarBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) ("SolarBank" or the "Company"
, a North American energy infrastructure developer and asset owner, announces the continued execution of its community solar development pipeline with an update on its plans to develop a ground-mount solar power project known as the Sydney project (the "Project" totalling 2.4 MW DC located in Nova Scotia. This strategic project will generate approximately 2,730 MWh of clean energy annually—enough to power the equivalent of 221 homes for an entire year while eliminating approximately 1,900 tons of CO2 emissions annually, equivalent to removing 415 cars from the road. The Project is owned by AI Renewable Flow-through Fund and SolarBank is the lead developer and builder for the Project. The Project has an estimated value of $4.57 million. SolarBank will partner with local Nova Scotia's trusted engineering firm, Trimac Engineering, to deliver the Project. SolarBank has been at the forefront of community solar development in the United States with over 50 MW of community solar projects completed and is proud to be deploying its expertise in Canada as the community solar market develops there.
The Sydney project advances SolarBank's community solar portfolio with a $4.57 million project generating contracted revenues through multiple streams. As developer and EPC contractor for this 2.4 MW facility, SolarBank captures value while minimizing capital at risk through partnership with AI Renewable Flow-through Fund. With permits secured and interconnection underway, construction expected in Spring 2026 positions the Company to generate near-term EPC revenues while building long-term recurring income through O&M contracts.
"This project underscores SolarBank's significant expertise and strategic vision in helping to drive Canada's renewable energy transformation," said Dr. Richard Lu, President and CEO of SolarBank. "With a proven track record of over a decade in community solar, commercial, and industrial projects, we're proud to provide solutions on Nova Scotia's ambitious renewable energy transition to deliver meaningful value for stakeholders and communities alike."
The Sydney project alone will generate over $1.36 Million in electricity savings for local residents over its lifetime while creating local jobs and supporting the Province's net-zero goals
This is SolarBank's second Community Solar project in Nova Scotia. The Canadian Federal government and the Province of Nova Scotia are very supportive of Community Solar, with a number of incentives, including the Smart Renewables and Electrification Pathways Program (SREPs), Indigenous-Led Clean Energy Stream, and the Low Carbon Communities program.
Community solar is a cornerstone of Nova Scotia's bold commitment to achieve 80% renewable energy by 2030 and net-zero by 2035. As one of only four community solar contracts awarded under the program so far, the Sydney Project contributes to the 100 MW of planned solar additions that will help reduce fossil fuel reliance and drive local economic development.
Unlike traditional rooftop systems, community solar allows renters, businesses, and homeowners to subscribe to the solar farm and receive bill credits and savings of $0.02/kWh—without installing any equipment. Project feeds directly into the local electricity grid and offers a flexible, accessible way for Nova Scotians to participate in the clean energy transition.
The Project leverages SolarBank's proven execution capabilities and strategic partnerships. With over 100 MW of projects built and a 1+ GW development pipeline, SolarBank brings institutional-grade development expertise to Atlantic Canada. The Project's clear timeline ensures near-term EPC revenue generation, and positions SolarBank to obtain additional development contracts in the high-growth community solar market.
Project Impact Summary:
Annual Clean Energy Generation: ~2,730 MWh
CO2 Reduction: ~1,900 tons annually
Local Economic Impact: $4.57 million investment + construction jobs
Customer Savings: Over $1.36 million in combined electricity savings
Energy Security: Contributes to Nova Scotia's energy independence
There are several risks associated with the development of the Project. The development of any project is subject to receipt of interconnection approval, receipt of a community solar contract, required permits, the continued 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.
