- Nova Scotia has recently
announced a community solar program
- Over 4,000 homes expected to be provided with green energy
once operational.
TORONTO, April 26,
2024 /CNW/ - SolarBank Corporation (NASDAQ:
SUUN) (CBOE CA: SUNN) (FSE: GY2) ("SolarBank" or the
"Company") announces that it has partnered with TriMac
Engineering of Sydney, Nova Scotia
to develop a 10 MW DC community solar garden in the rural community
of Enon, and three 7 MW DC projects in Sydney, Halifax and Annapolis, Nova Scotia respectively (the "Projects"). The
Projects are being developed under a Community Solar Program that
was announced by the Government of Nova
Scotia on March 1, 2024 and
are owned by AI Renewable Fund.
The highlights of the Community Solar Program are as
follows:
- Add up to 100MW of clean, renewable solar generation to the
grid, helping to reduce Nova
Scotia's dependence on fossil fuels and mitigate climate
change;
- one megawatt of solar power can power about 131 homes for a
year;
- each community solar garden can produce up to 10 megawatts of
power;
- eligible groups can work together to build and own a solar
garden; and
- subscribers will get a solar energy credit of $0.02 per kilowatt hour on their power bill for
energy generated by their subscription, administrated by Nova
Scotia Power Inc.
There are many reasons why people can't install solar panels on
their homes, including lack of roof space, too much shade, living
in an apartment, condo or other shared housing arrangement, or
cost. The Community Solar Program will make solar energy an option
for people in these situations. New gardens under the Community
Solar Program are expected to be up and running by spring 2026.
TriMac and SolarBank are currently planning to apply for
Community Solar Program Contract from the province by
July 2024. If approved, construction
would be expected to commence in 2025.
There are several risks associated with the development of the
Projects detailed in this press release. The development of any
project is subject to the availability of third-party financing
arrangements for the project owners and the risks associated with
the construction of a solar power project. There is no certainty
the Projects disclosed in this press release will be approved by
the Nova Scotia government,
financed, constructed, completed or that they will operate in
accordance with their design capacity. 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 statements in this press release.
Investor Relations
Agreement
The Company also announces that it has entered into an agreement
with Gold Standard Media, LLC ("GSM") pursuant to which GSM and its
affiliates has agreed to provide financial publishing and digital
marketing services including creating landing pages, native ads,
email market and influencer endorsements. Certain services to be
provided by GSM are anticipated to include 'investor relations
activities'. GSM will distribute through a variety of different
platforms and media types across the Internet.
The agreement is for a four month term commencing April 29, 2024 with the Company having the right
to terminate at any time on written notice. The Company has
budgeted up to US$500,000 for the
financial publishing and digital marketing services of GSM, which
include facilitating the creation and distribution of marketing
materials (including print, digital and video), landing pages,
on-line banner and native ads, and social media investor
marketing.
GSM is a limited liability company existing under the laws of
the State of Texas with an office
at 723 W, University Ave. #110-283 Georgetown Texas. GSM uses
third party service providers for the purpose of these marketing
activities. GSM, and its affiliates Future Money Trends LLC, Wealth
Research Group LLC and Portfolio Wealth Group LLC are controlled by
Kenneth Ameduri, Juliet Ameduri and Lior
Gantz. GSM and its principals are arm's length to the
Company.
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 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 solar 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 70 megawatts built. To learn more
about SolarBank, please visit www.solarbankcorp.com.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements and
forward-looking information within the meaning of Canadian
securities legislation (collectively, "forward-looking
statements") that relate to the Company's current expectations and
views of future events. Any statements that express, or involve
discussions as to, expectations, beliefs, plans, objectives,
assumptions or future events or performance (often, but not always,
through the use of words or phrases such as "will likely result",
"are expected to", "expects", "will continue", "is anticipated",
"anticipates", "believes", "estimated", "intends", "plans",
"forecast", "projection", "strategy", "objective" and "outlook")
are not historical facts and may be forward-looking statements and
may involve estimates, assumptions and uncertainties which could
cause actual results or outcomes to differ materially from those
expressed in such forward-looking statements. In particular and
without limitation, this news release contains forward-looking
statements pertaining to the Company's expectations regarding its
industry trends and overall market growth; the Company's growth
strategies the expected energy production from the solar power
projects mentioned in this press release; the number of homes
expected to be powered by the Company's development projects; the
reduction of carbon emissions; the receipt of incentives for the
projects; and the size of the Company's development pipeline. No
assurance can be given that these expectations will prove to be
correct and such forward-looking statements included in this news
release should not be unduly relied upon. These statements speak
only as of the date of this news release.
Forward-looking statements are based on certain assumptions and
analyses made by the Company in light of the experience and
perception of historical trends, current conditions and expected
future developments and other factors it believes are appropriate,
and are subject to risks and uncertainties. In making the forward
looking statements included in this news release, the Company has
made various material assumptions, including but not limited to:
obtaining the necessary regulatory approvals; that regulatory
requirements will be maintained; general business and economic
conditions; the Company's ability to successfully execute its plans
and intentions; the availability of financing on reasonable terms;
the Company's ability to attract and retain skilled staff; market
competition; the products and services offered by the Company's
competitors; that the Company's current good relationships with its
service providers and other third parties will be maintained; and
government subsidies and funding for renewable energy will continue
as currently contemplated. Although the Company believes that the
assumptions underlying these statements are reasonable, they may
prove to be incorrect, and the Company cannot assure that actual
results will be consistent with these forward-looking statements.
Given these risks, uncertainties and assumptions, investors should
not place undue reliance on these forward-looking statements.
Whether actual results, performance or achievements will conform
to the Company's expectations and predictions is subject to a
number of known and unknown risks, uncertainties, assumptions and
other factors, including those listed under "Forward-Looking
Statements" and "Risk Factors" in the Company's Annual Information
Form for the most recently completed financial year, and
other public filings of the Company, which include: the
Company may be adversely affected by volatile solar power market
and industry conditions; the execution of the Company's growth
strategy depends upon the continued availability of third-party
financing arrangements; the Company's future success depends partly
on its ability to expand the pipeline of its energy business in
several key markets; governments may revise, reduce or eliminate
incentives and policy support schemes for solar and battery storage
power; general global economic conditions may have an adverse
impact on our operating performance and results of operations; the
Company's project development and construction activities may not
be successful; developing and operating solar projects exposes the
Company to various risks; the Company faces a number of risks
involving Power Purchase Agreements ("PPAs") and project-level
financing arrangements; any changes to the laws, regulations and
policies that the Company is subject to may present technical,
regulatory and economic barriers to the purchase and use of solar
power; the markets in which the Company competes are highly
competitive and evolving quickly; an anti-circumvention
investigation could adversely affect the Company by potentially
raising the prices of key supplies for the construction of solar
power projects; foreign exchange rate fluctuations; a change in the
Company's effective tax rate can have a significant adverse impact
on its business; seasonal variations in demand linked to
construction cycles and weather conditions may influence the
Company's results of operations; the Company may be unable to
generate sufficient cash flows or have access to external
financing; the Company may incur substantial additional
indebtedness in the future; the Company is subject to risks from
supply chain issues; risks related to inflation; unexpected
warranty expenses that may not be adequately covered by the
Company's insurance policies; if the Company is unable to attract
and retain key personnel, it may not be able to compete effectively
in the renewable energy market; there are a limited number of
purchasers of utility-scale quantities of electricity; compliance
with environmental laws and regulations can be expensive; corporate
responsibility may adversely impose additional costs; the future
impact of COVID-19 on the Company is unknown at this time; the
Company has limited insurance coverage; the Company will be reliant
on information technology systems and may be subject to damaging
cyberattacks; the Company may become subject to litigation; there
is no guarantee on how the Company will use its available funds;
the Company will continue to sell securities for cash to fund
operations, capital expansion, mergers and acquisitions that will
dilute the current shareholders; and future dilution as a result of
financings.
The Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
by law. New factors emerge from time to time, and it is not
possible for the Company to predict all of them, or assess the
impact of each such factor or the extent to which any factor, or
combination of factors, may cause results to differ materially
from those contained in any forward-looking statement. Any
forward-looking statements contained in this news release are
expressly qualified in their entirety by this cautionary
statement.
SOURCE SolarBank Corporation