- The global solar energy market is projected to reach $223.3 billion by 2026, according to Allied Market Research
- SolarBank (SUNN) has achieved commercial operation and financial closing on a 3.544-megawatt community solar power project in Portland, New York
- The system will produce approximately 4.6 million kilowatt hours of green electricity in its first year of operation, equivalent to reducing more than 100 metric tons of carbon dioxide emissions through the system’s 35-year life span
- SolarBank (SUNN) stock has risen more than 7 per cent over the course of this week
The global solar energy market is projected to reach $223.3 billion by 2026, according to Allied Market Research. Some companies in this space have already been tracking upward movement in their share price as the demand for renewable energy grows.
SolarBank (SUNN) has achieved commercial operation and financial closing on a 3.544-megawatt community solar power project in Portland, New York.
The project has been sold to a subsidiary of Columbus, Ohio-based Gosh Enterprises Inc., the parent company of Charleys Cheesesteaks, Bibibop Asian Grill, Lenny’s Grill and Subs, and non-profit Charley’s Kids. SolarBank secured more than $1.15 million in NY-Sun incentives for Solar’s system.
SolarBank originated the site in western New York and took the project through full permitting and development before selling to Gosh Enterprises, subsequently delivering the turnkey project to commercial operation via an engineering, procurement, and construction agreement.
The solar power project passed its final New York State Energy Research and Development Authority NY-Sun Program inspection and has been placed in commercial operation.
The community solar project, which enrolls local subscribers for the power output, is nearly fully subscribed. The system will produce approximately 4.6 million kilowatt hours of green electricity in its first year of operation, equivalent to reducing more than 100 metric tons of carbon dioxide emissions through the system’s 35-year life span.
“This project is a demonstration of the various opportunities available today in the solar market and our diverse strategies to lead projects of different scope and scale from origination to commercial operation,” said Richard Lu, CEO at SolarBank. “Gosh Enterprises, which has invested hundreds of millions of dollars in solar projects since inception over a decade ago as the brainchild of Gosh founder and serial entrepreneur Charley Shin, is a beacon for sustainability while providing its clients an environmentally friendly ways to lower power costs. We hold their team in the highest regard and look forward to continuing a long relationship as we work collectively to reduce greenhouse gas emissions for a better planet.”
SolarBank is a renewable and clean energy project developer involved with distributed and community solar projects in Canada and the U.S. Its potential development pipeline stands at more than 700 megawatts.
The company began trading on the Canadian Securities exchange earlier this month, following its $6,037,500 Initial Public Offering.
SolarBank has completed hundreds of solar power plants for commercial and industrial clients, including Honeywell International, utilities, municipalities, and more. The company has also completed 70 community solar projects in collaboration with the Central New York Regional Planning and Development Board. Approximately 90 per cent of SolarBank’s contracts to date have been awarded by governments in Ontario, New York, and Maryland.
SolarBank (SUNN) stock has risen more than 7 per cent over the course of this week.
