- Common shares of SolarBank Corporation (SUNN) are now trading on the CSE
- This follows a $6,037,500 Initial Public Offering
- Over the past ten years, SolarBank has completed 100+ solar power plants for commercial and industrial clients
- SolarBank develops solar projects that sell electricity to utilities, commercial, industrial, municipal and residential off-takers
- SolarBank Corporation (SUNN) opened trading at C$1.80
Common shares of SolarBank Corporation (SUNN) are now trading on the CSE.
This follows the completion of its $6,037,500 Initial Public Offering (IPO).
SolarBank has built a reputation as a developer, engineer, and asset operator specializing in behind-the-meter (BTM) solar plants, grid-connected community solar gardens, and utility-scale solar farms. The company provides customers with a comprehensive solution that includes ESG (environment, social, governance) best practices, EPC (engineering, procurement, and construction) expertise, an understanding of incentive packages, and access to low-cost financing.
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 percent of SolarBank’s contracts to date have been awarded by governments in Ontario, New York and Maryland.
“The IPO represents not only a milestone for our company and investors but an inflection point as well,” said Dr. Richard Lu, President and Chief Executive Officer at SolarBank. “With thousands of C&I and community solar projects becoming available across North America amid an unprecedented push for decarbonization and surging demand for clean energy, we are in an optimal position for horizontal and vertical expansion. I’d like to welcome all the new investors that have joined us and look forward to frequent updates as we move into this new phase of growth.”
Going forward, SolarBank plans to fold in a “build-and-own” revenue model, where the company will retain ownership of select solar projects and sell the energy to a utility, government, or end user. This will effectively transition the company into an Independent Power Producer.
“Our long track record of success in operations, maintenance, and asset management is a formidable foundation and gateway to becoming an IPP, which will deliver long-term, profitable growth,” added Dr. Lu.
“Previously, we were focused on comprehensive value chain efficiency. Now, we are all about using that experience and resources to scale. We will use our expertise gained from small feed-in tariff (FIT) solar gardens in Ontario and community solar farms in the U.S. to construct and operate utility-scale solar farms of over 100 megawatts peak in carbon-intense markets, where price parities make solar the smart environmental and financial choice.”
SolarBank Corporation is an independent renewable and clean energy project developer focusing on distributed and community solar projects in Canada and the U.S. The company develops solar projects that sell electricity to utilities and commercial, industrial, municipal and residential off-takers.
SolarBank Corporation (SUNN) opened trading at C$1.80.
