SolarBank Secures 3.2 MW Site in Black Creek, New York for Community Solar Project

Expected to operate as a community solar site, selling credits to subscribers. Over 370 homes are anticipated to be provided with green energy once operational. Eligible to participate in the NYSUN program to receive incentives from the New York State Energy Research and Development Authority (NYSERDA).

The Company has submitted its initial interconnection request for the Project and awaits the results of that process. Following receipt of interconnection approval, the Company will work to complete the permitting process and secure the necessary financing for the construction of the Project. Once completed, the Project will be operated as a community solar project. Community solar is a group of solar panels with access to the local electricity grid. Once the panels are turned on and generating electricity, clean energy from the site feeds 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 from the electricity that is generated by the project. By subscribing to a project, a homeowner earns credits on their electric bill every month from their portion of the solar that’s generated by the project, accessing the benefits of solar without installing panels on their home. There are several risks associated with the development of the Project. The development of any project is subject to receipt of interconnection approval, required permits, the continued availability of third-party financing arrangements for the Company and the risks associated with the construction of a solar power project. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for solar power, which could result in future projects no longer being economic. Please refer to “Forward-Looking Statements” for additional discussion of the assumptions and risk factors associated with the statements in this press release.