SolarBank Corporation (NASDAQ: SUUN) announced its plans to develop a 7.2 MW DC ground-mount solar power project known as the Jordan Rd, Gainesville project on a site located in upstate New York.
With a secured site lease and interconnection study underway, the Project is another key addition to SolarBank’s expanding development pipeline—which exceeds one gigawatt—as well as the Company’s commitment to advancing community solar.
Assuming the Project’s interconnection study is successful, the Company will continue to work to complete the permitting process and secure the necessary financing for the construction of the Project. The Project is expected to be eligible for incentives under the New York State Energy Research and Development Authority NY-Sun Program.
Once completed, the Project will be operated as a community solar project. Community solar is a group of solar panels with access to the local electricity grid. Once the panels are turned on and generating electricity, clean energy from the site feeds into the local power grid.
“Depending on the size and number of panels the project has,” according to Thursday’s news release, dozens or even hundreds of renters and homeowners can save money from the electricity that is generated by the project. By subscribing to a project, a homeowner earns credits on their electric bill every month from their portion of the solar that’s generated by the project, accessing the benefits of solar without installing panels on their home.”
Shares in SUUN closed Wednesday at $4.35.
