Disseminated on behalf of SolarBank Corporation
SolarBank (NASDAQ: SUUN) (Cboe CA: 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 announced the sale and related construction contract for the 3.26 MW Camillus Solar Project for Solar Advocate Development LLC in a deal valued at $7.3 million USD (https://ibn.fm/qFjN7).
The project, located on a closed landfill site in Camillus, Onondaga County, New York, will operate as a community solar installation, allowing local residents and businesses to subscribe and receive credits on their utility bills for using renewable energy.
SolarBank has begun engineering and initial construction of the project and is working under an engineering, procurement, and construction (“EPC”) agreement dated March 18, 2025. The company has secured solar panels, inverters, racking, and transformers through partnerships with Tier 1 suppliers, ensuring the project stays on track.
Commenting on the deal, Dr. Richard Lu, CEO of SolarBank, explained that this was the eighth community solar project that will be constructed and operated for Solar Advocate as part of a relationship that originated in 2018. “The fact that they are a repeat customer is a testament to SolarBank’s ability to deliver projects and create long term sustainable value for its partners,” Dr. Lu added. “We continue to execute on our strategy of growth in the EPC segment of the business and the Independent Power Producer segment of the business.”
The company also announced that the New York State Energy Research and Development Authority (“NYSERDA”) has approved a $1,058,616 USD incentive for the project under the NY-Sun Program, which supports the expansion of solar energy in the state (https://ibn.fm/6qct4).
The incentive is contingent on the project’s completion within 30 months of approval. However, it does not increase the financial terms of the transaction with Solar Advocate. SolarBank has secured the necessary interconnection agreements with the local utility and obtained the required permits from regulatory authorities.
“SolarBank has a long-standing successful track record in working with government agencies in the United States and Canada to obtain government support and incentives for its clean and renewable energy projects,” Dr. Lu added. “While the Camillus Project has been sold to Solar Advocate, the receipt of these incentives further demonstrates SolarBank’s ability to execute and provide sustainable projects with robust financial returns.”
As construction moves forward, SolarBank continues to expand its presence in the EPC and independent power production markets, reinforcing its position in the growing community solar sector. With a development pipeline exceeding one gigawatt, the company aims to accelerate its growth in the renewable energy sector by continuously bringing new solar projects online.
The company recently announced a partnership with Viridi, an industry leader in fail-safe battery energy storage systems, to develop a combined 3.06 megawatt (“MW”) direct current ground-mounted solar power project and a 1.2 megawatt-hour (“MWh”) BESS in Buffalo, New York. Additionally, SolarBank is building three large-scale battery energy storage systems – two in Ontario and one in New York. As demand for renewable energy grows, SolarBank’s expansion into community solar projects positions the company as a key player in the transition to clean energy.
For more information, visit the company’s website at SolarBankCorp.com.
This report contains forward looking information. Please refer to the press releases entitled “$7.3 million USD Transaction Entered into with Solar Advocate Development LLC for the Sale and Construction of the Camillus Solar Project” and “SolarBank Partners with Viridi on Combined 3.06 MW Solar and 1.2 MWH Battery Energy Storage Project Located in Buffalo, New York” for additional details on the statements and related assumptions and risks.
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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