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Solarbank Corp. ( (TSE:SUNN) ) has issued an announcement.
PowerBank Corporation has secured a revolving credit facility of up to US$8 million from NY Green Bank, with the potential to rise to US$12 million, to fund interconnection deposits for an initial 50 MW portfolio of distributed solar and battery energy storage projects in New York State. By using this low-cost, asset-secured capital to cover refundable grid-connection deposits and then redeploying proceeds as projects are monetized or reach commercial operation, PowerBank aims to accelerate expansion of its independent power producer portfolio and deepen its role in New York’s clean energy buildout, reinforcing its relationship with NYSERDA and bolstering its position in the region’s renewable infrastructure market.
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 a North American renewable energy developer and independent power producer specializing in distributed solar and battery energy storage system (BESS) projects across Canada and the United States. Through an integrated model spanning project development, construction management and long-term asset ownership, the company serves utility, commercial, industrial, municipal and residential customers, with a portfolio that includes utility-scale assets, host off-taker arrangements, community solar and virtual net metering programs, and a track record of more than 100 MW built and a pipeline exceeding one gigawatt.
Technical Sentiment Signal: Buy
Current Market Cap: C$261.2M
See more insights into SUNN stock on TipRanks’ Stock Analysis page.