OIL - 3.25 MW Solar Project in Camillus NY Under Development by SolarBank Secures Permit | Benzinga
- Project is intended to be part of SolarBank's growing independent power producer assets portfolio – which is presently 50.76 MW combined capacity of (32 MW operating and 18.76 MW under construction)
- Expected to operate as a community solar site, selling credits to subscribers.
- 360 homes expected to be provided green energy once operational
- Eligible to participate in the NYSUN program to receive NYSERDA incentives.
TORONTO, July 18, 2024 /PRNewswire/ - SolarBank Corporation (NASDAQ:SUUN) (Cboe CA: SUNN) (FSE: GY2) ("SolarBank" or the "Company") announces an update on its 3.25 MW DC ground-mount solar power project located in the Town of Camillus, New York on a closed landfill. (the "Project"). The Project has now received its plan approval and special use permit from the town of Camillus. The Project is expected to be eligible for incentives under the New York State Energy Research and Development Authority ("NYSERDA") NY-Sun Program.
With the receipt of the special use permit, the Company's final step in the development process is to secure the necessary financing for the construction of the Project. The Project is expected to reach notice to proceed stage in Q3, 2024. SolarBank is developing this Project as part of its independent power producer portfolio of assets.
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, 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.
There are several risks associated with the development of the Project. The development of any project is subject to receipt of the continued availability of third-party financing arrangements for the Company and the risks associated with the construction of a solar power project. In addition, governments may revise, reduce or ...