SolarBank plans to develop a 4.584 MW DC solar power project

SolarBank (SUUN) announced its plans to develop a 4.584 MW DC ground-mount solar power project known as the Forest Hill Rd project on a site located in upstate New York. With a secured site lease and interconnection study underway, the Project is another key addition to SolarBank’s expanding development pipeline-which exceeds one gigawatt-as well as the Company’s commitment to advancing community solar. The Project will be eligible for the VDER rate compensation mechanism under NY Public Utility Commission case 15-E-0751. The year one average compensation is currently projected at $0.0971/kWh. The VDER rate for solar projects in New York is the rate payable to the owner of the Project in return for the energy that is supplied to the grid. Assuming the Project’s interconnection study is successful, the Company will continue to work to complete the permitting process and secure the necessary financing for the construction of the Project. The Project is expected to be eligible for incentives under the New York State Energy Research and Development Authority NY-Sun Program. The Company is targeting incentives of up to 34.5c/W DC for the Project. These incentives are a one time payment that are used to help support the financing required for the Project. Once completed, the Project will be operated as a community solar project. Community solar is a group of solar panels with access to the local electricity grid.