SolarBank Corporation (Nasdaq: SUUN) (Cboe CA: SUNN) (FSE: GY2) ("SolarBank" or the "Company") today announces highlights and new milestones reached during the 2024 calendar year. The company remains committed to pioneering the design, delivery, and management of safe, reliable, and clean energy sources throughout North America.
Over $67.5 Million USD Committed by Strategic and Financial Partners:
US$49.5 Million transaction with Qcells for the sale and subsequent construction of four solar projects in New York State. The projects will utilize Qcells modules manufactured in the USA. Nearly $2.8 billion USD is being invested by Qcells to boost U.S. domestic solar manufacturing and innovation to support and accelerate the U.S. clean energy transition
$25.8 Million Royal Bank of Canada Project Finance facility to be used to develop and construct two battery energy storage projects acquired as part of the Solar Flow-Through Funds Ltd. acquisition
Corporate Development:
- Nasdaq Listing - The Company began trading on the Nasdaq Global Market on April 8, 2024. SolarBank has qualified under the Nasdaq Global Market® tier, which has the second highest eligibility requirements
- Cboe Canada – The Company listed for trading on February 14, 2024. In North America, Cboe's U.S. and Canadian equities trading venues handle over $67 billion USD combined in average daily notional value (ADNV)
- Board Expansion - SolarBank appointed Chelsea L. Nickles to its board of directors as an independent director. Ms. Nickles is a renewable energy professional with over 20 years of experience contributing to a net zero world. For nearly the past decade, Ms. Nickles has been focusing on developing offshore wind projects in multiple jurisdictions with Ørsted, the global leader in offshore wind. Ms. Nickels currently holds the title of Director with Ørsted and serves as a director for several offshore wind companies where she helps to steer their success
- Key Acquisition - The Company closed its acquisition of Solar Flow-Through Funds Ltd. ("SFF"). This transaction valued SFF at up to $45M but the consideration payable excludes the common shares of SFF currently held by the Company
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