- The projects, totaling 25.577 MW, will be developed as community solar initiatives, with SolarBank managing the construction, operation and maintenance of the projects.
- The projects will use U.S.-manufactured equipment, aligning with Qcells’ investment in domestic solar production, while incentives from New York’s NY-Sun Program will further enhance the projects’ viability.
- Qcells is investing nearly $2.8 billion USD into boosting U.S. domestic solar manufacturing and innovation to support and accelerate the U.S. clean energy transition.
Disseminated on behalf of SolarBank Corporation
SolarBank (NASDAQ: SUUN) (CSE: SUNN) (NEO: SUNN) (FSE: GY2), a premier developer and owner of renewable and clean energy projects, specializing in distributed and community solar initiatives throughout Canada and the U.S., has sealed a $49.5 million USD transaction with Qcells, one of the world’s leading clean energy companies, for the acquisition of four ground-mount solar power projects that are under development in upstate New York (https://ibn.fm/A9JcD).
The projects, collectively generating 25.577 MW of solar energy, mark a significant collaboration between SolarBank and Qcells, underscoring a shared commitment to clean energy solutions. The Gainesville, Hardie, Rice Road, and Hwy 28 projects, are part of SolarBank’s ongoing initiative to develop ground-mount solar power sites. SolarBank originated the sites and facilitated their development through a completed Coordinated Electric System Interconnection Review (“CESIR”).
Once operational, these projects will function as community solar initiatives. This model allows renters and homeowners to subscribe to the projects and earn credits on their electricity bills based on the clean energy generated. This approach democratizes access to renewable energy without requiring individual installations. Community solar projects like these play an essential role in addressing energy accessibility and affordability, particularly in regions where installing solar panels on individual properties may not be feasible.
The projects will also benefit from New York State Energy Research and Development Authority (“NYSERDA”) incentives under the NY-Sun Program. These incentives are designed to accelerate the adoption of solar energy and reduce installation costs, enhancing the financial viability of renewable energy projects.
The partnership also highlights Qcells’ ongoing investment in the U.S. solar supply chain. With a commitment of $2.8 billion USD to onshore production, Qcells aims to strengthen domestic manufacturing, from solar panel components to finished products.
Qcells is a subsidiary of South Korea’s Hanwha Solutions and is widely recognized for its established reputation as a manufacturer of high-performance, high-quality solar cells and panels, portfolio of intelligent storage systems, and growing international pipeline of large-scale renewable energy projects. The company is headquartered in Seoul, South Korea, and operates diverse international manufacturing facilities in the U.S., Malaysia and South Korea.
“At Qcells, we are dedicated to delivering clean, affordable energy solutions to communities nationwide and around the globe,” said Jin Han, Corporate Officer, Head of Distributed Energy at Qcells North America. “With a commitment of nearly $2.8 billion, we are working hard to onshore production of the solar supply chain from ingots and wafers to cells and finished panels. Each step we take strengthens domestic solar manufacturing, drives the clean energy transition and brings us closer to a sustainable future for all.”
Under the terms of the agreement, SolarBank’s responsibilities extend beyond the sale of the projects. The company will oversee their construction through engineering, procurement and construction (“EPC”) agreements, and will retain operational management post-completion. This integrated approach ensures project quality and long-term performance.
The deal also aligns with SolarBank’s strategic focus on leveraging U.S.-based manufacturing to advance clean energy projects. “I am extremely pleased to have entered into this transaction with Qcells. Qcells is making a substantial investment in U.S. domestic manufacturing for solar panels and SolarBank is excited to be supporting them in developing these four projects using made in the USA equipment,” said Dr. Richard Lu, Chief Executive Officer of SolarBank.
This transaction is part of a broader trend toward renewable energy adoption as companies like SolarBank and Qcells innovate to meet growing energy demands sustainably. With its extensive renewable energy expertise, SolarBank already has an impressive portfolio of renewable energy initiatives including more than 100 megawatts of developed capacity and a pipeline exceeding one gigawatt.
For more information, visit the company’s website at SolarBankCorp.com.
NOTE TO INVESTORS: The latest news and updates relating to SUUN are available in the company’s newsroom at https://ibn.fm/SUUN
There are several risks associated with the development of the Projects. The development of any project is subject to required permits, the continued availability of third-party financing arrangements for Qcells, the risks associated with the construction of a solar energy project. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for solar energy projects, which could result in future projects no longer being economic. Qcells will pay the purchase price for the Projects, and construction costs under the EPC agreements, in stages. If Qcells does not obtain the necessary financing, the Company is obligated to reacquire the projects subject to retention of an initial payment. This report contains forward looking information. Please refer to https://ibn.fm/G76GJ for additional discussion of the assumptions and risk factors associated with the projects and statements made in this report.
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