SolarBank to begin acquiring Bitcoin with Geddes Solar Project cash

SolarBank (SUUN) is taking the first step in implementing its Bitcoin treasury strategy by allocating the net cash generated by its Geddes Solar Power Project to acquire Bitcoin. The company is evaluating extending this Bitcoin treasury strategy to other solar and battery energy storage projects that it is developing as assets it intends to own as an independent power producer. Solar panels at the Geddes facility generate 3.79 MW of DC electricity; power is sold to community solar subscribers through power subscription agreements; net revenue after operational costs flows to corporate treasury; a designated portion is allocated to Bitcoin purchases based on market conditions. The Geddes Project is expected to become operational and commence producing power and revenue before the end of June. The company will provide specific Bitcoin allocation percentages after the project commences commercial operation. As of this date, no Bitcoin purchases have been made.