SolarBank provides update on plans to develop 6.9MW Brooklyn project

SolarBank (SUUN) provided an update on its plans to develop a ground-mount solar power project known as the Brooklyn project totalling 6.9 MW DC located in Nova Scotia. The Project is owned by AI Renewable Fund and SolarBank is the developer and builder for the projects at a total estimated cost of with a total cost of $13.9M. SolarBank will partner with local Nova Scotia firm, Trimac Engineering, to deliver the Project. The Project is being developed under the Nova Scotia Community Solar Program (CSP), the first CSP in Canada, supporting Nova Scotia’s commitment to 80% renewable energy by 2030 and reaching net-zero by 2035. The program aims to add 100 MW of solar generation to the grid to help reduce reliance on fossil fuels, mitigate climate change and foster local economic growth. The clean energy generated by community solar projects feeds directly into the local electricity grid. Depending on the size and number of panels a community solar project has, renters, and business or homeowners can earn credits on their electric bill and save 2c/kWh from the electricity that is generated by a project. So far, the NS CSP has only granted three CSP Contracts, totalling 7.05MW AC. AI Renewable won two Contracts, size of 6.5MW AC, as a result of the Company’s solar development expertise. By subscribing to a project, community members can access the benefits of renewable energy without having to install panels on their building or land. With a secured site lease in place, the Company will continue to work to complete the permitting process of the Project. For the rest of 2025, the Company will complete the interconnection project with Nova Scotia Power, lead in-depth engineering studies, and complete the solar design. Construction is expected to begin in Spring of 2026, followed by completion in the Summer of 2026. Under the Agreement, the deemed price of the common shares to be issued is to be calculated using the closing price of the Company’s common shares on the last trading day of each calendar month for the Services provided during such month.