SolarBank (NASDAQ: SUUN) (CSE: SUNN) (NEO: SUNN) (FSE: GY2) announced that its subsidiary has secured the financial closing of a combined project loan in a principal amount of $25.8 million from Royal Bank of Canada. The loan will be used for the construction, operation and maintenance of two 4.99 MW Battery Energy Storage System (“BESS”) projects to be located in Ontario, with project names SFF 06 and 903, respectively. According to the announcement, the projects are owned by 1000234763 Ontario Inc., which is the borrower under the terms of the loan. The projects represent SolarBank’s initial foray into battery energy storage, a market that Fortune Business Insights forecasts to grow at a 16.3% CAGR from 2022 to reach US$31.2 billion by 2029.
To view the full press release, visit https://ibn.fm/Sm5RV
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.
NOTE TO INVESTORS: The latest news and updates relating to SUUN are available in the company’s newsroom at https://ibn.fm/SUUN
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