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Solarbank Corp. ( (TSE:SUNN) ) has provided an update.
PowerBank Corporation has signed a lease agreement for a 5 MW AC hybrid solar plus battery energy storage project in New York, known as the NY-Holland Glnwd project, which is expected to qualify for state and federal incentives under NYSERDA programs and recent U.S. legislation. The company is beginning interconnection screening and, pending approvals, plans to advance permitting and financing to build and operate the asset as a community solar plus storage project, enabling local renters and homeowners to access bill savings without on-site installations. Leveraging its track record of over 100 MW built and a pipeline exceeding 1 GW, PowerBank positions this project as a contribution to New York’s aggressive solar capacity targets and growing demand for grid-balancing storage, while acknowledging typical development risks related to contracts, approvals, financing, construction and potential changes to incentive regimes.
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 projects that sell electricity to utilities, commercial, industrial, municipal and residential off-takers, seeking to maximize returns through a diversified portfolio across key North American markets, including utility, host off-taker, community solar and virtual net metering projects. PowerBank has a development pipeline of over one gigawatt and has completed more than 100 megawatts of renewable and clean energy capacity.
Technical Sentiment Signal: Buy
Current Market Cap: C$261.2M
For a thorough assessment of SUNN stock, go to TipRanks’ Stock Analysis page.