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

• It is expected to operate as a community solar station, selling credits to subscribers.

• It is expected that once launched, more than 800 homes will be able to benefit from green energy.

• Opportunity to participate in the NYSUN program to receive NYSERDA incentives.

TORONTO, August 22, 2024 /CNW/ – SolarBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) (“SolarBank” or “Company”) announces that it intends to develop a 6.41 MW DC ground-mount solar power plant project, known as East Bloomfield project (“Design“) on the page located in East Bloomfield, New YorkThe project is expected to qualify for incentives under New York State Office for Energy Research and Development (“NYSERDA“) NY-Sun Program.

The Company secured a lease for the Project site, obtained consent to connect to the Project and obtained a special permit for the use of the Project from City of East Bloomfield. The Company will continue to work on completing the permitting process and securing the necessary financing for the implementation of the Project.

Once completed, the Project will operate as a community project. Community solar is a group of solar panels with access to the local power grid. Once the panels are turned on and generate electricity, the clean energy from the facility is fed into the local power grid. Depending on the size and number of panels the project has, dozens or even hundreds of renters and homeowners can save money on the electricity generated by the project. By subscribing to the project, the homeowner earns credits on their electric bill each month from a portion of the solar energy generated by the project, accessing the benefits of solar energy without installing panels on their home. SolarBank’s strategic focus on community solar aligns with its goal of powering thousands of homes with clean, affordable energy.

There are several risks associated with the development of the Project. Development of each project is subject to merger approval, required permits, the continued availability of external financing agreements for the Company and risks associated with the construction of the solar project. In addition, governments may change, reduce or eliminate policy incentives and support schemes for solar energy, which could result in future projects no longer being economically viable. For additional information on the assumptions and risks associated with the statements in this press release, see “Forward-Looking Statements.”

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About SolarBank Corporation

SolarBank Corporation is an independent developer and owner of renewable and clean energy projects, focusing on distributed and community solar projects. Canada and USA. The Company develops solar projects that sell electricity to utilities, commercial, industrial, municipal and residential customers. The Company maximizes returns through a diverse portfolio of projects in many leading solar markets, including projects with utilities, host customers, community solar projects and virtual net metering. The Company has a potential development capacity of over one gigawatt and has developed renewable and clean energy projects with a combined capacity of over 70 megawatts. To learn more about SolarBank, visit www.solarbankcorp.com.

FORECAST STATEMENTS

This press release contains forward-looking statements and information within the meaning of Canadian securities law (collectively, “forward-looking statements”) that relate to the Company’s current expectations and views regarding future events. Any statements expressing or involving discussions about expectations, beliefs, plans, objectives, assumptions or future events or results (often, but not always, through the use of words or phrases such as “will likely result,” “is expected,” “is expected,” “will continue,” “is anticipated,” “anticipates,” “believes,” “estimated,” “intends,” “plans,” “forecasts,” “projections,” “strategy,” “goal” and “outlook”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties that could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. In particular, and without limitation, this press release contains forward-looking statements regarding the Company’s expectations regarding industry trends and general market growth; the Company’s growth strategies the expected energy production from the solar power project referred to in this press release; the number of homes to be powered; the reduction of carbon dioxide emissions; the receipt of permits and financing for construction of the Project; the receipt of incentives for the Project. No assurance can be given that these expectations will prove to be correct and undue reliance should not be placed on any such projections 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 analyses made by the Company in light of its experience and perception of historical trends, current conditions and expected future events and other factors it believes to be 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, but not limited to: the receipt of necessary regulatory approvals; that regulatory requirements will be maintained; general business and economic conditions; the Company’s ability to successfully execute its plans and objectives; the availability of financing on reasonable terms; the Company’s ability to attract and retain qualified personnel; 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 renewable energy financing will continue as currently assumed. 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 these forecasts.

Whether actual results, performance and achievements will be in line with the Company’s expectations and projections is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including those listed in section “Forward-Looking Statements” and “Risk Factors” in the Company’s most recently completed Annual Information Form, and other public filings by the Company, including: the Company may be adversely affected by changing solar market and industry conditions; the Company’s growth strategy is dependent on the continued availability of external financing arrangements; the Company’s future success depends in part on its ability to expand its energy operations in several key markets; governments may change, reduce or eliminate policy incentives and programs for solar energy and battery storage; general global economic conditions may adversely affect our results of operations and results of operations; the Company’s project development and construction activities may not be successful; the development and operation of solar projects exposes the Company to various risks; the Company faces a number of risks related to its power purchase agreements (“PPAs”) and project-level financing arrangements; any changes in laws, regulations and policies to which the Company is subject could 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 evolving; an investigation into anti-circumvention measures could adversely affect the Company by potentially increasing the prices of key supplies for the construction of solar power projects; currency fluctuations; a change in the Company’s effective tax rate could have a material adverse effect on its business; seasonal fluctuations in demand related to construction cycles and weather conditions could 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 subject to risks arising from supply chain issues; inflation risks; unexpected guarantee 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 limited purchasers of utility-scale electricity; compliance with environmental laws and regulations could be costly; corporate liability could adversely impose additional costs; the future impact of any recurrence of COVID-19 on the Company is unknown at this time; the Company has limited insurance coverage; the Company will be dependent on information technology systems and may be vulnerable to harmful cyberattacks; The Company may become subject to litigation; there is no assurance as to how the Company will use available funds; the Company will continue to sell securities to raise cash to fund operations, capital expansion, mergers and acquisitions that will dilute 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 required by law. New factors emerge from time to time and the Company cannot predict all of them or assess the impact of each of them 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. All forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.

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SOURCE SolarBank Corporation

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