$25.8 Million Royal Bank of Canada Facility is being used to finance construction of the 4.99 MW BESS Project TORONTO, Feb. 4, 2025 /PRNewswire/ - SolarBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) ("SolarBank" or the "Company") is pleased to announce that its first Battery Energy Storage System ("BESS") project located in Ontario is expected to commence construction during the week of February 10, 2025. The project is known as SFF-06 (the "Project") and is located in Cramahe, Ontario. The SFF- ...

Core Insights - SolarBank Corporation has achieved significant milestones in 2024, including major acquisitions, project completions, and listings on stock exchanges [2][9] - The company is focused on expanding its renewable energy projects, particularly in solar and battery energy storage, while also venturing into data center infrastructure [6][11] Financial Transactions - A $49.5 million transaction with Qcells for the sale and construction of four solar projects in New York State [6] - A $25.8 million project finance facility from the Royal Bank of Canada to develop two battery energy storage projects [6] - Over $67.5 million committed by strategic and financial partners to support various initiatives [3] Corporate Developments - SolarBank began trading on the Nasdaq Global Market on April 8, 2024, and listed on Cboe Canada on February 14, 2024 [6] - The company appointed Chelsea L. Nickles to its board of directors, bringing over 20 years of renewable energy experience [6] - The acquisition of Solar Flow-Through Funds Ltd. was completed, valued at up to $45 million [6] Project Highlights - Mechanical construction was completed on the 3.7 MW DC Geddes project, expected to provide green energy to 500 homes [8] - SolarBank plans to develop multiple solar projects in New York, including two 7 MW DC projects and a 3 MW DC project, all expected to operate as community solar sites [8] - A partnership with TriMac Engineering aims to develop a 10 MW DC community solar garden in Nova Scotia [8] Strategic Focus - The company intends to pursue opportunities in data center colocation, aligning with its commitment to clean energy technologies [6] - SolarBank is exploring the development of agrivoltaics projects, integrating solar energy production with agricultural practices [8]

Core Viewpoint - SolarBank Corporation is actively participating in The Microcap Conference 2025, aiming to showcase its growth strategy and recent developments to potential investors [1][2][4]. Company Overview - SolarBank Corporation is an independent renewable and clean energy project developer focusing on distributed and community solar projects in Canada and the USA [5]. - The company has developed over 100 megawatts of renewable and clean energy projects and has a development pipeline exceeding 1 gigawatt, which includes solar, battery storage, and EV charging projects [3][5]. Conference Participation - The Microcap Conference 2025 will take place from January 28-30, 2025, at the Borgata Hotel Spa & Casino in Atlantic City, NJ, and is recognized as the largest independent microcap event in the U.S. [1][4]. - SolarBank's CEO, Dr. Richard Lu, will present on January 29, 2025, and will hold one-on-one meetings with investors to discuss the company's growth strategy and investment opportunities [2][3]. Industry Context - The conference serves as a platform for microcap companies to connect with top-tier investors, providing opportunities for networking and showcasing their value propositions [4].

Disseminated on behalf of SolarBank Corporation AUSTIN, Texas, Jan. 15, 2025 (GLOBE NEWSWIRE) -- via IBN – SolarBank Corporation (NASDAQ:SUUN) (Cboe CA: SUNN), a premier developer and owner of renewable and clean energy projects specializing in distributed and community solar initiatives throughout Canada and the United States, has selected IBN, a multifaceted financial news and publishing company for private and public entities, to spearhead its corporate communications efforts. SolarBank is dedicated to a ...

Core Viewpoint - Qcells, a subsidiary of Hanwha Solutions, is acquiring four solar projects from SolarBank in New York, representing a total capacity of 25.577 MW, as part of a broader investment strategy to enhance U.S. solar manufacturing and support the clean energy transition [2][4][5]. Company Overview - SolarBank Corporation is an independent renewable energy project developer focusing on distributed and community solar projects in Canada and the USA, with a development pipeline exceeding one gigawatt and over 100 megawatts of projects built [9]. - Qcells is recognized as a leading clean energy company, known for high-performance solar cells and panels, with manufacturing facilities in the U.S., Malaysia, and South Korea [3][7]. Investment and Development Details - Qcells is investing nearly $2.8 billion to enhance U.S. domestic solar manufacturing, which includes the acquisition of the four solar projects from SolarBank valued at approximately $49.5 million [2][4][5]. - The projects will utilize Qcells modules manufactured in the USA and are expected to be eligible for incentives under the New York State Energy Research and Development Authority (NYSERDA) NY-Sun Program [2][5]. Project Characteristics - The four solar projects, named Gainesville, Hardie, Rice Road, and Hwy 28, have received positive interconnection results and will be developed as separate community solar projects [2][4]. - Community solar allows renters and homeowners to benefit from solar energy without installing panels on their properties, providing them with credits on their electric bills [5].

Funding will be used to develop and construct two battery energy storage projects acquired as part of the Solar Flow-Through Funds Ltd. acquisition. This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated May 23, 2024 to its short form base shelf prospectus dated May 2, 2023 TORONTO, Dec. 16, 2024 /PRNewswire/ - SolarBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) ("SolarBank" or the "Company") is pleased to announce its subsidiary h ...

TORONTO, Dec. 13, 2024 /PRNewswire/ - SolarBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) ("SolarBank" or the "Company"), an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects in Canada and the USA, reports that the nominees listed in the management information circular for the 2024 Annual General and Special Meeting of shareholders (the "Meeting") were elected as directors of SolarBank. Detailed results of the vote for the ele ...

This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated May 23, 2024 to its short form base shelf prospectus dated May 2, 2023TORONTO, Nov. 27, 2024 /PRNewswire/ - SolarBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) ("SolarBank" or the "Company") is pleased to announce its subsidiary has secured project financing in the form of a loan ("Loan") in a principal amount of $3 million from RE Royalties Ltd. (the "Lender"). The Projects (d ...

Over 540 Homes Expected to be Powered by this Community Solar Project TORONTO, Nov. 21, 2024 /PRNewswire/ - SolarBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) ("SolarBank" or the "Company") is pleased to announce its plans to develop a 4.6 MW DC ground-mount solar power project known as the Stone Church project (the "Project") on a site located in Seneca County, New York. With a secured site lease and interconnection study underway, the Project is another key addition to SolarBank's expanding d ...

Financial Performance - Revenue from EPC services grew to $11,954,389 in Q3 2024, up from $5,613,015 in Q3 2023, representing a 113% increase[6] - Gross profit for Q3 2024 was $4,551,365, a 94% increase compared to $2,346,695 in Q3 2023[6] - Net income for Q3 2024 was $241,092, a significant decrease from $2,038,968 in Q3 2023, primarily due to higher operating expenses and tax expenses[6] - Revenue from IPP production was $4,031,816 in Q3 2024, compared to $14,896 in Q3 2023, showing a substantial increase in energy production revenue[6] - Operating expenses increased to $3,635,240 in Q3 2024 from $1,776,392 in Q3 2023, reflecting higher costs in consulting fees, professional fees, and insurance[6] - Basic net income per share was $0.01 in Q3 2024, down from $0.08 in Q3 2023, indicating lower profitability on a per-share basis[6] - Net loss for the period ended June 30, 2024 was $841,892, compared to a net income of $2,034,619 for the same period in 2023[8] - Revenue from external customers for the three months ended September 30, 2024 was $16,005,321, with $6,619,182 from Canada and $9,386,139 from the United States[116] - Basic earnings per share for the three months ended September 30, 2024 was $0.01, compared to $0.08 for the same period in 2023[118] Assets and Liabilities - Total assets increased significantly to $180,996,924 in September 2024 from $39,225,861 in June 2024, reflecting substantial growth in property, plant, and equipment ($39,177,567) and goodwill ($37,586,213)[3] - Long-term debt increased to $50,737,450 in September 2024 from $4,379,169 in June 2024, indicating significant financing activities[3] - Shareholders' equity rose to $63,401,476 in September 2024 from $18,724,301 in June 2024, driven by increased share capital and retained earnings[3] - Total shareholders' equity increased to $16,363,368 as of June 30, 2024, up from $16,392,791 in 2023[8] - Long-term debt (non-current portion) increased significantly to $50,737,450 as of September 30, 2024, compared to $4,379,169 as of June 30, 2024[114] - Shareholders' equity increased to $63,401,476 as of September 30, 2024, compared to $18,724,301 as of June 30, 2024[114] Cash Flow and Liquidity - Cash position improved to $14,250,082 in September 2024, up from $5,270,405 in June 2024, reflecting strong liquidity management[3] - Cash generated from operating activities for the three months ended September 30, 2024 was $10,671,392, a significant increase from $1,250,877 in the same period of 2023[10] - Net cash generated from operating activities for the three months ended September 30, 2024 was $8,115,251, compared to $676,858 in 2023[10] - Cash, ending balance as of September 30, 2024 was $14,250,082, a substantial increase from $621,151 in 2023[10] Acquisitions and Investments - The company acquired Solar FlowThrough Funds for $28,640,812 in 2024[8] - The company invested $6,661,405 in development assets during the three months ended September 30, 2024[10] - The company holds three GICs in short-term investments totaling $870,000 with interest rates ranging from 4.7% to 5.2% as of September 30, 2024[30] - Through the acquisition of Solar Flow-Through Funds Ltd., the company obtained five additional GICs totaling $716,097 with interest rates ranging from 3.85% to 4.65%[30] - The Company acquired Solar Flow-Through Funds Ltd for an aggregate consideration of up to $41.8 million, with SFF contributing revenue of $3,708,752 and a net loss of $721,743 for the period July 8, 2024 – September 30, 2024[72][74] - Preliminary fair value of net identified assets acquired in the SFF transaction was $21,377,669, with goodwill arising on acquisition of $37,147,456[76] Receivables and Payables - Accounts receivable increased to $1,101,743 as of September 30, 2024, compared to $966,150 as of June 30, 2024[31] - Other receivables decreased to $122,594 as of September 30, 2024, compared to $323,293 as of June 30, 2024[31] - GST/HST receivable was recorded at $2,749,952 as of September 30, 2024, compared to $0 as of June 30, 2024[31] - The credit loss allowance remained unchanged at $(174,226) as of September 30, 2024, compared to the same amount as of June 30, 2024[31] - Trade and other payables totaled $27,038,344 as of September 30, 2024, up from $4,690,261 at June 30, 2024, with accounts payable and accrued liabilities at $16,669,177[41] - Unearned revenue decreased to $1,106,915 as of September 30, 2024, from $4,600,491 at the beginning of the year, with $3,772,894 recognized as revenue during the period[44] Leases and Loans - The company's right-of-use assets and lease liabilities increased due to additional office space leased on December 1, 2023, raising monthly rent to $8,510[45] - The company acquired shares of OFIT GM Inc. and OFIT RT Inc. on November 1, 2023, with lease payments ranging from $502 to $2,456 monthly and $1,250 to $8,125 quarterly, using a discount rate of 5.74%[46] - On July 8, 2024, the company acquired all shares of Solar Flow-Through Funds Ltd. (SFF), which leases 70 properties with lease terms ending between May 2033 and December 2045, using a discount rate of 5.69%[47] - The right-of-use assets and lease liabilities as of September 30, 2024, totaled $8,303,824, with IPP facilities accounting for $7,989,937[49] - Lease liabilities as of September 30, 2024, amounted to $8,049,809, with IPP facilities contributing $7,841,293[50] - The company entered into a Construction Loan Agreement for the Geddes project on June 20, 2024, with a principal amount of up to USD $2,600,000[52] - The Geddes Construction Loan accrues interest at a variable rate of One Month CME Term SOFR plus 4%, converting to a 6-year fixed-rate loan upon project operation[53] - As of September 30, 2024, the loan payable balance included principal payable of $1,234,373 (USD $914,418) and accrued interest payable of $33,279 (USD $24,653)[54] - The Geddes project had a total value of $9,124,084 as of September 30, 2024, recorded as a Development Asset[55] - Long-term debt as of September 30, 2024, was $56,263,321, including $55,531,840 from loans assumed from OFIT GM, OFIT RT, and SFF acquisitions[59][60] - Interest recorded and paid for the three months ended September 30, 2024 was $636,235[66] - Estimated principal repayments for 2025 are $4,442,600, with total repayments amounting to $57,846,631[67] - The Company acquired 67% membership interest in Solar Alliance DevCo on June 20, 2023, with a loan value of $460,607 and an effective interest rate of 9%[68][69] Shareholder and Equity Information - The company's common shares commenced trading on the Nasdaq Global Market under the symbol "SUUN" on April 8, 2024[14] - Total equity as of June 30, 2024 was $18,724,301, including non-controlling interest of $2,360,933[8] - The Company had 30,821,707 common shares issued and outstanding as of September 30, 2024, compared to 26,857,200 in 2023[96] - On July 8, 2024, the Company issued 3,575,632 common shares as part of the acquisition of SFF[97] - On September 24, 2024, 55,000 broker warrants were exercised to purchase common shares at $0.75 per share[98] - The Company's stock options outstanding as of September 30, 2024, totaled 2,759,000, with a weighted average exercise price of $0.38 and a weighted average remaining contractual life of 3.11 years[100][102] - Compensation expense related to stock options for the three months ended September 30, 2024, was $110,667, compared to $381,398 in 2023[103] - The Company's restricted stock units (RSUs) outstanding as of September 30, 2024, totaled 265,000, with compensation expense of $2,580 for the three months ended September 30, 2024[103] - The Company's non-controlling interest (NCI) carrying amount as of September 30, 2024, was $(17,574,588), with net assets (liabilities) of $30,742,886[105] - Net loss comprehensive for the three months ended September 30, 2024 was $1,283,202, with $600,800 allocated to non-controlling interest (NCI)[106] Related Party Transactions - Trade and other payables due to directors and key management personnel increased to $1,312,331 as of September 30, 2024, compared to $124,125 as of June 30, 2024[108] - Due to related parties balance as of September 30, 2024 was $5,922,000, relating to the fair value of CVR[109] - Short-term employee benefits for key management personnel increased to $703,227 for the three months ended September 30, 2024, compared to $299,599 for the same period in 2023[111] Other Financial Information - The company's functional currency for Canadian subsidiaries is the Canadian dollar, while for US subsidiaries, it is the US dollar[25] - The company's unaudited condensed interim consolidated financial statements are presented in Canadian dollars[25] - The company's significant accounting policies and use of judgments and estimates are consistent with those described in the last annual financial statements[29] - The company's significant subsidiaries include Abundant Solar Power Inc. and Solar Alliance Energy DevCo LLC, both with 100% ownership as of September 30, 2024[22] - Prepaid expenses and deposits totaled $3,126,829 as of June 30, 2024, including $2,543,120 for construction in progress deposits and $341,825 for prepaid marketing expenses[32] - Property, plant, and equipment additions for the three months ended September 30, 2024, amounted to $36,484,581, primarily driven by IPP facilities additions of $36,405,337[34] - Unbilled revenue increased by $3,374,135 during the three months ended September 30, 2024, reaching $3,358,129 at the end of the period[37] - Inventory balance as of September 30, 2024, was $8,397,055, up from $6,530,650 at June 30, 2024, with additions of $2,173,040 in development costs[39] - Development assets increased by $17,200,453 during the three months ended September 30, 2024, including $16,321,698 for battery energy storage systems and $541,666 for EV charge point systems[40] - Intangible assets as of September 30, 2024, totaled $36,356,377, with additions of $34,246,377 related to the acquisition of SFF[57] - Fair value change loss of $882,174 was recorded in the statements of income and comprehensive income for the three months ended September 30, 2024[66] - The Company recognized $3,863 related to ITC distribution as other income and $8,388 in interest accretion for the three months ended September 30, 2024[71] - Customer A accounted for 58% of total revenue ($9,359,888) and 24% of accounts receivable ($915,063) for the three months ended September 30, 2024[89] - Total contractual obligations as of September 30, 2024 amounted to $99,407,909, with $35,586,415 due in less than one year[91] - A 100 basis point change in interest rates would impact the Geddes loan by $12,806[93] - Non-current assets as of September 30, 2024 were $148,203,329, with $138,257,264 in Canada and $9,946,065 in the United States[116] - The estimated average annual tax rate used for the three months ended September 30, 2024 was 26.5%[117]