HON - SolarBank's Fiscal First Quarter Revenue Jumps 40% Year-Over-Year On The Back Of Rising Demand For Solar | Benzinga
Disseminated on behalf of SolarBank Corporation.
SolarBank Corporation (OTC: SUUNF) (CSE: SUNN) (FSE: GY2), the Canadian renewable and clean energy company, reported a 40% rise in interim first-quarter 2024 revenue, benefiting from demand for solar power and the completion of several key projects. For the fiscal first quarter, SolarBank reported revenue of $7.7 million and net income of $2 million, up 800% year-over-year.
Many factors are behind the rise in SolarBank’s earnings in 2023. Across the globe governments, companies and individuals are demanding cleaner energy sources, and that’s expected to continue for years to come. Solar and energy battery storage costs have fallen 85% in the past decade making it cheaper than coal and other fossil fuels in many instances. As a result, the North American solar PV market is projected to grow at a CAGR of 21.7% through 2027, hitting $120.74 billion, according to SolarBank. That’s up from $25.02 billion in 2019.
SolarBank’s Unique Approach
That plays into SolarBank’s focus. The company is focused on grid-connected solar photovoltaic electricity generation plants and provides capabilities across the entire value chain including site origination, development, financing, EPC, O&M and asset management. SolarBank’s customers include commercial and industrial corporations, institutions, community solar subscribers, municipalities and electric utilities.
SolarBank has gained ...