Disseminated on behalf of SolarBank Corporation
SolarBank (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) has entered into a mandate letter with CIM Group to secure up to $100 million in project-level preferred equity financing for 97 MW of solar power projects in the U.S. The financing, structured through a joint venture with SolarBank subsidiary Abundant Solar Power Inc., will not involve the issuance of new SolarBank shares. CIM will acquire non-convertible preferred equity in the venture, with SolarBank retaining majority ownership of the 21 projects. The deal includes a revenue-sharing model, tax credit transfers, and redemption rights after a five-year holding period, pending final documentation and development milestones.
To view the full press release, visit https://ibn.fm/grR2O
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. For more information, visit the company’s website at SolarBankCorp.com. This report contains forward looking information. Please refer to https://ibn.fm/G76GJ 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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