A 6.41 MW solar project under development by SolarBank in Bloomfield, New York

• It is expected to operate as a community solar power plant selling credits to subscribers.
• Once the plant is operational, it is expected that more than 800 homes will receive green energy
• Eligible to participate in the NYSUN program to receive NYSERDA incentives.

TORONTO, June 12, 2024 /PRNewswire/ – SolarBank company (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) (“SolarBank” or “Company”) announces that it intends to develop a 6.41 MW DC ground-mounted solar power project, known as the Rice Road project (“Design‘) on a 16.98-acre plot located in… Bloomfield in New York. The Project is expected to be eligible for incentives under Art New York State Energy Research and Development Authority (“NYSERDA“) NY-Sun program.

The Company obtained a lease agreement for the Project area and obtained consent to connect the network for the Project. After obtaining consent for the interconnection, the Company will work on completing the permitting process and securing the necessary financing for the construction of the Project.

Once completed, the project will be implemented as a community solar project. Community solar is a group of photovoltaic panels with access to the local energy grid. After turning on the panels and generating electricity, clean energy from the facility goes to the local power grid. Depending on the size and number of panels a project has, dozens or even hundreds of renters and homeowners could save money on the electricity generated by the project. By subscribing to the project, a homeowner earns monthly electricity bill credits from their share of the solar energy generated by the project, gaining access to the benefits of solar energy without having to install panels on their home.

There are several risks associated with the implementation of the Project. The implementation of each project depends on obtaining consent for the interconnection, required permits, continuous availability of external sources of financing for the Company and the risks associated with the construction of the solar energy project. Additionally, governments may review, reduce or eliminate incentives and policy support programs for solar energy, which could result in future projects no longer being economical. Additional discussion of assumptions and risk factors related to statements contained in this press release can be found in “Forward-Looking Statements.”

About SolarBank

SolarBank Corporation is an independent renewable and clean energy developer and project owner focused on distributed and community solar projects in Canada and USA. The company implements photovoltaic projects that sell electricity to public, commercial, industrial, municipal and residential customers. The company maximizes returns through a diverse portfolio of projects in many leading solar markets, including utility, end-user, community solar and virtual net metering projects. The company has a development potential of over one gigawatt and has developed renewable and clean energy projects with a total capacity of over 70 megawatts. To learn more about SolarBank, visit www.solarbankcorp.com.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements”) that address the Company’s current expectations and views with respect to future events. Any statement that expresses or involves a discussion of expectations, beliefs, plans, objectives, assumptions or future events or results (often, but not always, by the use of words or phrases such as “will likely result”, “is expected”, “is expected to ”, “will continue”, “is expected”, “anticipates”, “believes”, “estimates”, “intends”, “plans”, “forecasts”, “predicts” “strategy”, “goal” and “outlook” ) are not historical facts and may constitute forward-looking statements and may involve estimates, assumptions and uncertainties that could cause actual results or results to differ materially from those expressed in such forward-looking statements. In particular and without limitation, this press release contains forward-looking statements relating to the Company’s expectations regarding industry trends and overall market growth; the Company’s development strategies expected energy production from the solar energy project referred to in this press release; the expected number of homes that will be powered; reduction of carbon dioxide emissions; obtaining permits and financial resources enabling the implementation of the Project; and receiving incentives for the Project. There can be no assurance that these expectations will prove to be correct and you should not place undue reliance on the forward-looking statements contained in this press release. These statements speak only as of the date of this press release

Forward-looking statements are based on certain assumptions and analyzes made by the Company in light of experience and perceptions of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate, and are subject to risks and uncertainties. In making the forward-looking statements contained in this press release, the Company has made various material assumptions, including, without limitation: obtaining necessary regulatory approvals; that regulatory requirements will be maintained; general business and economic conditions; the Company’s ability to successfully implement its plans and intentions; availability of financing on reasonable terms; the Company’s ability to attract and retain qualified employees; market competition; products and services offered by the Company’s competitors; that the Company’s current good relationships with service providers and other third parties will be maintained; and government subsidies and financing for renewable energy will continue as currently planned. Although the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect and the Company cannot assure you that actual results will be consistent with these forward-looking statements. Given the above risks, uncertainties and assumptions, investors should not place undue reliance on forward-looking statements.

Whether the actual results, performance or achievements will be consistent with the Company’s expectations and projections depends on a number of known and unknown risks, uncertainties, assumptions and other factors, including those mentioned in point. “Forward-Looking Statements” and “Risk Factors” in the Company’s most recently completed annual information form, and the Company’s other public filings, which include: The Company may be adversely affected by volatile solar market and industry conditions; the implementation of the Company’s development strategy depends on the continuous availability of external financing sources; The Company’s future success depends, in part, on its ability to expand its energy operations in several key markets; governments may review, reduce or eliminate incentives and policy support programs for solar and battery storage energy; general global economic conditions may adversely affect our results of operations and results of operations; the Company’s development and construction activities may result in failure; developing and running photovoltaic projects exposes the Company to various risks; The Company is exposed to a number of risks relating to power purchase agreements (“PPAs”) and project-level financing arrangements; any changes in the laws, regulations and policies to which the Company is subject may create technical, regulatory and economic barriers to the purchase and use of solar energy; the markets in which the Company competes are highly competitive and rapidly growing; an investigation into regulatory circumvention could adversely affect the Company by potentially increasing the prices of key supplies for the construction of solar energy projects; currency fluctuations; a change in the Company’s effective tax rate may have a material adverse effect on its operations; seasonal fluctuations in demand related to construction cycles and weather conditions may impact the Company’s results of operations; the Company may be unable to generate sufficient cash flow or have access to external financing; the Company may incur significant additional indebtedness in the future; The Company is exposed to risks arising from supply chain issues; inflation risks; unexpected warranty expenses that may not be adequately covered by the Company’s insurance policies; the inability to recruit and retain key employees may result in a lack of effective competition on the renewable energy market; there are a limited number of utility-scale electricity buyers; compliance with environmental laws and regulations can be costly; corporate liability may adversely involve additional costs; the future impact of the re-emergence of the COVID-19 virus on the Company is currently unknown; The company has limited insurance coverage; the Company will be dependent on information technology systems and may be subject to malicious cyber attacks; The company may become the subject of legal proceedings; there is no guarantee how the Company will use available funds; the Company will continue to sell securities in exchange for cash to finance operations, capital expansion, mergers and acquisitions that will result in dilution to existing shareholders; and future dilution as a result of financing.

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 required by law. New factors emerge from time to time and it is not possible for the Company to predict all of them or to assess the impact of each factor or the extent to which any factor or combination of factors could cause performance to suffer will differ materially from those contained in any forward-looking statements. Any forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.

SOURCE SolarBank Corporation