- As a vertically integrated company, SolarBank has a full-service solar integration and support offering, handling development, construction, and ownership, Lu said.
- The company’s current pipeline includes solar, battery storage, and EV charging projects, totaling over 1 gigawatt of capacity across Canada and the U.S.
- SolarBank is currently developing four large-scale battery energy storage systems – three in Ontario and one in New York.
- CEO Richard Lu explained why battery energy storage plays an essential role in the modern electricity grid, helping address renewable energy intermittencies and ensuring enhanced reliability of supply.
- The company currently owns approximately $180 million in assets as of its last fiscal quarter and is working to expand its portfolio with major infrastructure projects.
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., aims to deliver reliable clean and renewable power to keep people’s lights on and keep people connected by helping power data centers, as detailed by CEO Richard Lu during two separate podcasts recently: InvestorBrandNetwork’s Bell2Bell and Electrek’s Quick Charge.
“When you look at civilization over the years, originally, we depended on the sun to give us light for agriculture. Then, we relied on burning oil to break the darkness of the night. During industrialization, electricity allowed us to keep the lights on and now keeps us all connected,” Lu told Carmel Fisher, host of Bell2Bell podcast, while discussing the company’s mission and business model (https://ibn.fm/ufmLC). “The driving force behind today’s digital economy is electricity. SolarBank is a clean and renewable power supplier focused on delivering electricity from non-emitting sources. That has been the mission and vision of the company for over 12 years,” he added.
Leveraging 23 years of experience in the industry, the SolarBank CEO explained why the company became involved in developing battery energy storage systems (“BESS”), to help maintain the electricity grid operational and ensure a safe, reliable and low-cost electricity delivery rate. BESS are an essential part of the modern electricity grid, helping address renewable energy intermittencies and giving enhanced reliability, Lu told Quick Charge host Jo Borrás (https://ibn.fm/bnOaB).
SolarBank is currently developing four large-scale battery energy storage systems – three in Ontario and one in New York. The company began building the SFF-06 project in Cramahe, Ontario in February 2025. The SFF-06 project is being financed through a combined loan for two projects (SFF-06 and 903) in a principal amount of $25.8 million from Royal Bank of Canada. Separately, 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.
For the Ontario project, the company obtained a 22-year contract with the province’s grid operator, the Independent Electricity System Operator, Lu said. The agreement includes a fixed contract capacity payment of $1,221 /MW per business day, underscoring the competitive positioning of these projects in the Ontario energy storage market. The company expects that once operational, the project will have 4.74 MW of daily contract capacity available for 251 business days in a year.
During both podcasts, the SolarBank CEO discussed the company’s service offering, from project developer to engineering consulting and more, while also underlining the company’s current pipeline and near-term goals.
“We recently signed a $50 million USD contract with Qcells and are also building a 60 MWh battery storage project that we will own. As a vertically integrated company, we handle development, construction and ownership,” Lu said. “Our pipeline includes solar, battery storage and EV charging projects totaling over 1 gigawatt of capacity across Canada and the U.S.”
The SolarBank CEO explained that over the next few months, the company plans to continue delivering on the Honeywell portfolio, while fulfilling the Qcells contract. In 2023, the company developed and sold three 21MW DC ground-mount solar power projects in Upstate New York to Honeywell, for a total of $41 million USD and these projects are nearing commercial operation.
The $49.5 million USD deal with Qcells, one of the world’s leading clean energy companies, covers the construction and sale of four solar projects representing 25.577 MW, in New York. The projects will utilize high-quality Qcells modules that will be manufactured in the U.S.
The company is also working to expand its portfolio with major infrastructure projects, Lu said. “Last year, through a $45 million valued all-stock deal, we acquired solar assets developed by our team over the past decade, which are now contributing to our recurring revenue. We currently own about $180 million in assets. In terms of revenue, we generated approximately $60 million in fiscal 2024, and, as of January, we have secured major contracts supporting our continued growth,” the SolarBank CEO concluded.
For more information, visit the company’s website at SolarBankCorp.com. This report contains forward looking information. Please refer to the press release entitled $25.8 Million Royal Bank of Canada Project Finance Facility Secured by SolarBank (https://ibn.fm/G76GJ) and the press release entitled SolarBank Announces 2024 Highlights (https://ibn.fm/ryGFY) for additional details.
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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