SolarBank Corporation Advances 7.2 MW New York Solar Project Following Key Regulatory Approval

SolarBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) has announced a significant advancement for its 7.2 MW Hoadley Hill Road ground-mount solar project in upstate New York, following the clearance of the Coordinated Electric System Interconnection Review (CESIR). This regulatory approval marks a pivotal step forward for the project, which is designed to power approximately 850 homes through New York's grid. Supported by the state's VDER compensation mechanism, the project may also qualify for up to US$0.395/W DC in NYSERDA NY-Sun incentives, enhancing its viability and impact.

As a community solar project, it offers a unique opportunity for residents and businesses to benefit from solar energy without the need for on-site installations, providing bill credits instead. With a track record of over 100 MW built and a development pipeline exceeding 1 GW, SolarBank is now focusing on accelerating permitting and financing processes to commence construction. This project aligns with New York's ambitious target of installing 6 GW of solar energy by 2025, showcasing SolarBank's commitment to advancing renewable energy solutions in North America.