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Solarbank Corp. ( (TSE:SUNN) ) has issued an update.
PowerBank Corporation has announced a lease agreement for a 5 MW AC hybrid solar plus battery energy storage project in upstate New York, known as the NY-Cloverdale Rd project. This project is expected to benefit from incentives under the NYSERDA NY-Sun Program and the Retail Storage Incentive Program. The project aims to support New York’s goal of achieving 10 GW of distributed solar and 6 GW of energy storage by 2030. Once operational, it will function as a hybrid community solar plus energy storage project, allowing local electricity customers to earn credits on their bills without installing equipment. PowerBank’s expertise and strategic partnerships position it to deliver high-impact renewable energy solutions, although the project faces risks related to approvals, permits, financing, and potential changes in government incentives.
The most recent analyst rating on (TSE:SUNN) stock is a Buy with a C$6.00 price target. To see the full list of analyst forecasts on Solarbank Corp. stock, see the TSE:SUNN Stock Forecast page.
More about Solarbank Corp.
PowerBank 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 and Battery Energy Storage System (BESS) projects that sell electricity to utilities, commercial, industrial, municipal, and residential off-takers. PowerBank maximizes returns through a diverse portfolio of projects across multiple North American markets, including 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.
Technical Sentiment Signal: Buy
Current Market Cap: C$261.2M
See more insights into SUNN stock on TipRanks’ Stock Analysis page.