PowerBank Raises US$13.68 Million to Accelerate North American Renewable Growth

Solarbank Corp. ( (TSE:SUNN) ) has issued an announcement.

PowerBank Corporation has raised US$13.68 million in gross proceeds through an at-the-market equity program, issuing 7,738,625 common shares to bolster its balance sheet and liquidity. The net proceeds are being directed toward advancing its growing pipeline of solar and battery energy storage projects, supporting its transition and positioning as an independent power producer, while also funding investor relations, ongoing operations and working capital. Management says the fresh capital underpins a portfolio that already totals about US$138 million in assets and more than one gigawatt of potential development, reinforcing PowerBank’s momentum in the distributed and community solar segments across key North American markets and signaling continued expansion opportunities for shareholders and other stakeholders in the clean energy space.

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 focused on distributed and community solar projects in Canada and the United States. The company develops solar and battery energy storage system (BESS) projects that supply power to utilities, as well as commercial, industrial, municipal and residential customers, and seeks to maximize returns through a diversified portfolio across key North American markets, with a development pipeline exceeding one gigawatt and more than 100 megawatts of completed projects.

Technical Sentiment Signal: Buy

Current Market Cap: C$261.2M

See more data about SUNN stock on TipRanks’ Stock Analysis page.