- $7.4 billion USD in commercial
real estate managed by Fiera Real Estate, SolarBank anticipates
future projects
- 1.4-Megawatt rooftop project is being built as pilot
project
- Construction expected to reach completion in November 2024
TORONTO, Oct. 1, 2024
/CNW/ - SolarBank Corporation (NASDAQ: SUUN) (Cboe CA:
SUNN) (FSE: GY2) ("SolarBank" or the "Company") announces
that it is nearing completion of construction on a 1.4 MW DC
rooftop solar project located in Calgary,
Alberta (the "Project") for Fiera Real Estate Investments
Limited ("Fiera Real Estate").
Contributing to Fiera Real Estate's commitment to its Net Zero
Pathway where two of its funds have established targets of Net Zero
Carbon by 2040as well as the further expansion of the SolarBank
portfolio, the Project is expected to become operational in
November 2024 as a small-scale
generator in the Alberta Interconnected Electric System (AIES).
With the support of Zathura Investments, SolarBank is providing
full-service development and engineering, procurement and
construction (EPC) services for the Project under an EPC agreement
with Fiera Real Estate. Following the completion of this pilot
project, the Company expects to complete additional projects for
Fiera Real Estate in the future.
"We are thrilled to be nearing completion of our first project
for Fiera Real Estate, which marks a significant step toward our
companies' mutual goals of long-term growth and contribution to the
global energy transition," stated Dr. Richard Lu, SolarBank's CEO. "We are looking
forward to what's ahead for our partnership with Fiera Real Estate
and continuing to develop projects that advance sustainability
initiatives for our partners and communities."
Fiera Real Estate is a leading investment management company
with offices in North America and
Europe. The firm globally manages
over $7.4 billion USD in commercial
real estate through a range of investment funds and accounts at
June 30, 2024. The highly diverse
nature of its portfolio – in terms of both geographies and types of
properties – combined with a range of high-quality strategies
provides investors with opportunities to diversify their exposure
and customize their investment experience within the real estate
asset class.
There are several risks associated with the development of the
Project. In addition to the risks associated with the construction
of a solar power project, governments may revise, reduce or
eliminate incentives and policy support schemes for solar power,
which could result in future projects no longer being economical.
Please refer to "Forward-Looking Statements" for additional
discussion of the assumptions and risk factors associated with the
statements in this press release.
About SolarBank Corporation
SolarBank Corporation is an independent renewable and clean
energy project developer and owner focusing on distributed and
community solar projects in Canada
and the USA. The Company develops
solar, Battery Energy Storage System (BESS) and EV Charging
projects that sell electricity to utilities, commercial,
industrial, municipal and residential off-takers. The Company
maximizes returns via a diverse portfolio of projects across
multiple leading North America
markets including projects with utilities, host off-takers,
community solar, and virtual net metering projects. The Company has
a potential development pipeline of over one gigawatt and has
developed renewable and clean energy projects with a combined
capacity of over 100 megawatts built. To learn more about
SolarBank, please visit www.solarbankcorp.com.
About Zathura Investments
Zathura Investments is a trusted partner of landlords across
North America, supporting their
commercial and industrial sustainability efforts. Working with
various strategic partners Zathura has been at the forefront of
renewable energy opportunities since the early 2000s with a focus
on solar, battery storage and EV charging installations. To learn
more about Zathura please
visit www.zathurainvestments.com.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements and
forward-looking information within the meaning of Canadian
securities legislation (collectively, "forward-looking
statements") that relate to the Company's current expectations and
views of future events. Any statements that express, or involve
discussions as to, expectations, beliefs, plans, objectives,
assumptions or future events or performance (often, but not always,
through the use of words or phrases such as "will likely result",
"are expected to", "expects", "will continue", "is anticipated",
"anticipates", "believes", "estimated", "intends", "plans",
"forecast", "projection", "strategy", "objective" and "outlook")
are not historical facts and may be forward-looking statements and
may involve estimates, assumptions and uncertainties which could
cause actual results or outcomes to differ materially from those
expressed in such forward-looking statements. In particular and
without limitation, this news release contains forward-looking
statements pertaining to the Company's expectations regarding its
industry trends and overall market growth; the Company's growth
strategies the expected energy production from the solar power
project mentioned in this press release; the completion of
additional projects for Fiera, the expected timeline to complete
construction of the Project and its commencement of operations; the
goals of long-term growth and contribution to the global energy
transition; advancement of sustainability initiatives for partners
and communities; and the receipt of incentives for the Project. No
assurance can be given that these expectations will prove to be
correct and such forward-looking statements included in this news
release should not be unduly relied upon. These statements speak
only as of the date of this news release.
Forward-looking statements are based on certain assumptions and
analyses made by the Company in light of the experience and
perception of historical trends, current conditions and expected
future developments and other factors it believes are appropriate,
and are subject to risks and uncertainties. In making the forward
looking statements included in this news release, the Company has
made various material assumptions, including but not limited to:
obtaining the necessary regulatory approvals; that regulatory
requirements will be maintained; general business and economic
conditions; the Company's ability to successfully execute its plans
and intentions; the availability of financing on reasonable terms;
the Company's ability to attract and retain skilled staff; market
competition; the products and services offered by the Company's
competitors; that the Company's current good relationships with its
service providers and other third parties will be maintained; and
government subsidies and funding for renewable energy will continue
as currently contemplated. Although the Company believes that the
assumptions underlying these statements are reasonable, they may
prove to be incorrect, and the Company cannot assure that actual
results will be consistent with these forward-looking statements.
Given these risks, uncertainties and assumptions, investors should
not place undue reliance on these forward-looking statements.
Whether actual results, performance or achievements will conform
to the Company's expectations and predictions is subject to a
number of known and unknown risks, uncertainties, assumptions and
other factors, including those listed under "Forward-Looking
Statements" and "Risk Factors" in the Company's most recently
completed Annual Information Form, and other public filings of
the Company, which include: the Company may be adversely affected
by volatile solar power market and industry conditions; the
execution of the Company's growth strategy depends upon the
continued availability of third-party financing arrangements; the
Company's future success depends partly on its ability to expand
the pipeline of its energy business in several key markets;
governments may revise, reduce or eliminate incentives and policy
support schemes for solar and battery storage power; general global
economic conditions may have an adverse impact on our operating
performance and results of operations; the Company's project
development and construction activities may not be successful;
developing and operating solar projects exposes the Company to
various risks; the Company faces a number of risks involving Power
Purchase Agreements ("PPAs") and project-level financing
arrangements; any changes to the laws, regulations and policies
that the Company is subject to may present technical, regulatory
and economic barriers to the purchase and use of solar power; the
markets in which the Company competes are highly competitive and
evolving quickly; an anti-circumvention investigation could
adversely affect the Company by potentially raising the prices of
key supplies for the construction of solar power projects; foreign
exchange rate fluctuations; a change in the Company's effective tax
rate can have a significant adverse impact on its business;
seasonal variations in demand linked to construction cycles and
weather conditions may influence the Company's results of
operations; the Company may be unable to generate sufficient cash
flows or have access to external financing; the Company may incur
substantial additional indebtedness in the future; the Company is
subject to risks from supply chain issues; risks related to
inflation; unexpected warranty expenses that may not be adequately
covered by the Company's insurance policies; if the Company is
unable to attract and retain key personnel, it may not be able to
compete effectively in the renewable energy market; there are a
limited number of purchasers of utility-scale quantities of
electricity; compliance with environmental laws and regulations can
be expensive; corporate responsibility may adversely impose
additional costs; the future impact of any resurgence of COVID-19
on the Company is unknown at this time; the Company has limited
insurance coverage; the Company will be reliant on information
technology systems and may be subject to damaging cyberattacks; the
Company may become subject to litigation; there is no guarantee on
how the Company will use its available funds; the Company will
continue to sell securities for cash to fund operations, capital
expansion, mergers and acquisitions that will dilute the current
shareholders; and future dilution as a result of financings.
The Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
by law. New factors emerge from time to time, and it is not
possible for the Company to predict all of them, or assess the
impact of each such factor or the extent to which any factor, or
combination of factors, may cause results to differ materially
from those contained in any forward-looking statement. Any
forward-looking statements contained in this news release are
expressly qualified in their entirety by this cautionary
statement.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/solarbanks-first-solar-project-under-development-for-fiera-real-estate-nears-completion-302263711.html
SOURCE SolarBank Corporation