- The $25.8 million in financing from the Royal Bank of Canada will be used for two Ontario-based battery energy storage system projects.
- The projects mark SolarBank’s first foray into energy storage, a market expected to reach $31.2 billion by 2029.
- Contracts for the projects include a 22-year term with fixed capacity payments significantly above the market average.
- The projects will benefit from Canada’s Clean Technology Investment Tax Credit, covering up to 30% of eligible capital costs.
- Battery storage is becoming essential for grid resilience, cost management and meeting skyrocketing energy demand.
Disseminated on behalf of SolarBank Corporation
SolarBank (NASDAQ: SUUN) (CSE: SUNN) (NEO: 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., is expanding into the fast-growing battery energy storage market. The company has closed a $25.8 million non-recourse loan with the Royal Bank of Canada to fund the construction, operation and maintenance of two 4.99 MW battery energy storage system (“BESS”) projects in Ontario, named SFF 06 and 903 (https://ibn.fm/G76GJ).
Both projects were awarded 22-year contracts under Ontario’s Expedited Long-Term RFP (“E-LT1 RFP”) in July 2023. These contracts include fixed capacity payments of $1,221/MW per business day, well above…
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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