SolarBank Corporation’s 7.2 MW New York Solar Project Advances with Key Regulatory Approval

SolarBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) has reached a pivotal moment in the development of its 7.2 MW Hoadley Hill Road ground-mount solar project in upstate New York. The project has successfully cleared the Coordinated Electric System Interconnection Review (CESIR), marking a critical step forward in its journey to operational status. This development is not just a win for SolarBank but also a significant stride towards New York’s ambitious target of installing 6 GW of solar energy by 2025.

The Hoadley Hill Road project is designed to power approximately 850 homes through New York’s grid, leveraging the state’s VDER compensation mechanism. Additionally, it stands to benefit from up to US$0.395/W DC in NYSERDA NY-Sun incentives, underscoring the financial and environmental viability of the initiative. As a community solar project, it offers a unique advantage by providing residents and businesses with bill credits without the need for on-site installations, making solar energy more accessible to a broader audience.

With a track record of over 100 MW of built projects and a pipeline exceeding 1 GW, SolarBank is at the forefront of the renewable energy sector. The company is now focusing on accelerating the permitting and financing processes to transition the Hoadley Hill Road project into the construction phase. This project exemplifies SolarBank’s commitment to advancing sustainable energy solutions and its role in supporting New York’s renewable energy objectives.

The significance of this regulatory approval cannot be overstated. It not only facilitates the expansion of renewable energy infrastructure but also contributes to the reduction of carbon emissions, aligning with global efforts to combat climate change. The Hoadley Hill Road project is a testament to the potential of community solar initiatives to transform the energy landscape, offering a scalable model for future developments.

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