Protect Your Yield

SolaREIT, the leading solar and battery storage real estate investment company, announced the donation of a 5-acre land parcel to the County of San Diego to support construction of Jacumba Fire Station 43, a new 7,100-square-foot fire station serving the Jacumba community in eastern San Diego County. Once completed, this will be the first permanent fire station in Jacumba, a small, rural community near the U.S.-Mexico border that currently lacks dedicated fire and emergency services infrastructure.

The donation is made in connection with the BayWa r.e. JVR Energy Park, a 90-megawatt (AC) solar project currently under construction on SolaREIT-owned land. The dedication of land for a Jacumba fire station was a commitment BayWa r.e. made to the community as part of the JVR Energy Park's original project approval, reflecting the company's investment in bringing renewable energy and lasting community benefits to the region.

"Solar development does more than generate clean energy — it creates construction jobs, expands the local tax base, and can serve as a catalyst for lasting community investment,” said Laura Pagliarulo, CEO and Co-Founder, SolaREIT. “We are proud to work alongside BayWa r.e. to bring both renewable energy and this vital public safety resource to Jacumba. This is exactly the kind of impact we believe solar can and should have on the communities that host these projects."

"When we first sat down with the Jacumba community, one of the things that came through clearly was the need for reliable emergency services. A fire station was not an afterthought; it was part of our commitment from the start. Seeing it become real is something we are genuinely proud of, and we are grateful to SolaREIT for making this land transfer possible," said Michael Stanton, EVP of Development at BayWa r.e. Americas.

SolaREIT acquired the land underlying JVR Energy Park in 2025. BayWa r.e. is partnering with SolaREIT in facilitating the land transfer. Jacumba Fire Station 43, expected to be completed in August 2027, will be equipped with two apparatus bays, four double dormitory rooms, and a full suite of operational facilities. The building is designed to achieve LEED Gold certification, Zero Net Energy status, and a 20% reduction in embodied carbon, aligning with SolaREIT's commitment to sustainability and responsible land stewardship.

SolaREIT | https://www.solareit.com

As electricity demand grows, solar energy projects are being deployed at a rapid rate. New research from the Center for Rural Affairs highlights how land use tax policy can incentivize keeping land used for solar development in agricultural use at the same time. The fact sheet “Land Use Tax Policy Considerations for Agrisolar” examines how tax policy can support the coexistence of renewable energy and agriculture by incentivizing  dual-use or agrivoltaic practices.

“As solar development accelerates, some states have adopted policies allowing land used for solar to retain its lower agricultural tax classification, as long as the land under the panels is maintained in agricultural use, such as grazing or crops,” said Laura Priest, policy associate with the Center for Rural Affairs. “This approach can allow farmers to take advantage of additional income from clean energy development while keeping land in ag use.”

The fact sheet notes that current use taxation practices often reduce property tax burdens for farmland owners. When land is removed from these programs for solar development, penalties or higher assessments may apply. However, states can design tax policies that allow land to remain classified as agricultural when dual-use practices are in place, supporting both energy production and farming.

For example, in 2025 the state of Nevada adopted bipartisan legislation that defined what it considered to be agrivoltaic practices, and specified that land used in this manner retains similar tax benefits to traditional farmland.

“Thoughtful tax policy can encourage agrisolar approaches that strengthen farm viability, support energy needs, and keep land in agricultural use,” Priest said.

Center for Rural Affairs | cfra.org/publications

Greenwood Sustainable Infrastructure (GSI) and Ocean Man Nakoda Nation (OMNN) officially broke ground on the Turning Sun Solar Project on Friday, June 5th. Located in the Rural Municipality (RM) of Estevan, this 100 MWac utility-scale facility will operate under a 25-year Power Purchase Agreement (PPA) with SaskPower, Saskatchewan’s primary energy provider. The ceremony began with a traditional blessing led by Ocean Man Nakoda Nation Elders, highlighting the project’s name "Turning Sun", which reflects the community's commitment to land stewardship. This was followed by a traditional drum group led by OMFN, leading into a series of remarks by event dignitaries, which included:

• Chief Ernest Standingready, Ocean Man Nakoda Nation
• Mazen Turk, CEO, Greenwood Sustainable Infrastructure
• Nicholas M. Logothetis, Executive Vice Chairman, Libra Group
• The Honourable Terry Duguid, Former Federal Minister of Environment & MP, Winnipeg-South
• Mark Peters, Director, IPP Generation & Commercial Products, SaskPower
• Rob Frasca, Vice President of Canadian Operations, Barton Malow

“Turning Sun Solar represents the kind of project we are proud to advance, one built on strong partnership, shared purpose and long-term impact,” said Mazen Turk, CEO of GSI. “Together with Ocean Man Nakoda Nation, we are delivering a landmark clean energy project that will strengthen Saskatchewan’s power supply, support economic opportunity and reflect our deep commitment to meaningful Indigenous partnerships that are core to our organizational ethos."

“Today marks a significant milestone for Ocean Man Nakoda Nation. This is a powerful demonstration of what can be achieved through strong partnerships and a shared vision for the future” said Chief Earnest Standingready, Ocean Man Nakoda Nation. “Hand-in-hand with GSI, we are building a legacy of clean energy, stewardship, and creating opportunities for future generations."

The project, which reached a major financing milestone of over $200 million earlier this year, is one of the largest solar projects in the province of Saskatchewan and the largest renewable energy project currently under construction in Canada. Once operational, Turning Sun Solar will provide enough power for the equivalent of 25,000 homes. 

As part of the event, the Honourable Terry Duguid (MP Winnipeg South), announced, on behalf of the Honourable Tim Hodgson, Minister of Energy and Natural Resources, a federal contribution of $15 million CAD through Natural Resources Canada’s (NRCan) Smart Renewables and Electrification Pathways Program (SREPs). SREPs is a $4.5-billion federal funding initiative designed to support the development and deployment of clean energy and grid modernization for projects across Canada.

“We’re investing in Saskatchewan and Canada’s power system to ensure reliable and affordable power, amidst the growing demand for electricity on the Prairies and beyond,” said The Honourable Tim Hodgson, Minister of Energy and Natural Resources. “Our government is committed to working with provinces and territories, Indigenous Peoples and industry to strengthen Canada’s position as a clean energy superpower for decades to come.”

“It is an honour to see one of Saskatchewan’s largest-ever solar projects, owned partially by Indigenous Peoples, begin to come to life — a testament to the ambition and execution of our government,” said The Honourable Terry Duguid, Member of Parliament for Winnipeg South. “Turning Sun will be a great asset for Saskatchewanians as we’re building a more affordable, resilient energy future across the Prairies.” 

The facility will be constructed by lead EPC contractor Barton Malow Canada and will feature roughly 200,000 bifacial solar modules supplied by VSUN Solar, a trusted manufacturer delivering high-performance module technology for large-scale renewable energy projects. Additionally, Polar Racking supplied the helical piles for this foundational project, bringing proven expertise and high-quality foundation solutions to one of Canada’s largest renewable energy developments.

“SaskPower has 700 MW of wind and solar in development, all of which has strong Indigenous ownership components,” said Rupen Pandya, SaskPower President & CEO. “Turning Sun will provide opportunities for Indigenous business and further economic reconciliation while providing affordable power to our grid.”

Greenwood Sustainable Infrastructure | https://greenwoodinfra.com/

SUNation Energy, Inc. (Nasdaq: SUNE) (“SUNation”), a leading provider of residential and commercial solar energy systems, battery storage solutions, and comprehensive energy services, and Suniva, (“Suniva”) the largest and oldest U.S. merchant manufacturer of high-efficiency monocrystalline silicon solar cells, have signed a definitive reverse merger agreement (the “Merger Agreement”) pursuant to which Suniva will merge with a wholly-owned subsidiary of SUNation, and the combined company is expected to operate under the Suniva name and continue SUNation’s listing on the Nasdaq Capital Market. Pursuant to the Merger Agreement, upon closing, pre-merger SUNation stockholders are expected to own equity with an implied value of approximately $2.26 per share. The transaction represents a premium of approximately 100% over SUNE’s most recent closing price.

By combining with SUNation's established downstream business in high-electricity-cost markets, Suniva, the country’s only U.S.-owned and operated merchant solar cell manufacturer, stands to gain additional market presence and access to U.S. capital markets to fund continued growth in American solar manufacturing. With a successful 1 GW nameplate cell facility operating in Georgia, Suniva is expanding capacity by 4.5 GW in Laurens County, South Carolina, supported by expected financing that is targeted to close later this month.

“We’ve spent the last two years transforming SUNation into a stronger, more disciplined and more resilient platform, and this proposed merger with Suniva is the next logical step in that journey,” said Scott Maskin, Chief Executive Officer of SUNation. “By bringing together Suniva’s U.S.-based solar cell manufacturing footprint with our high-growth residential, commercial and service businesses in some of the highest electricity-cost markets in the country, we believe we can deliver a unique domestic content offering for customers. SUNation’s residential and commercial capabilities, along with deep relationships with other leading installers across the country, should support Suniva and its module partners in accelerating American solar’s transition to a domestic supply chain.”

Tony Etnyre, Chief Executive Officer of Suniva, commented: “Suniva was built on the belief that America's energy future must be built here at home. As the first company to bring U.S. solar cell manufacturing back online, we believe we've proven the manufacturing model works - in metro Atlanta, and soon in Laurens, South Carolina. Along the way, we have learned from some of the best firms in the industry to develop American operating expertise in the highest-barrier layer of the domestic supply chain, the solar cell, and accelerate a productivity migration of solar manufacturing to the U.S. What we believe this combination gives us is the platform to execute our mission at the speed and scale the moment demands. Access to U.S. public capital markets means we can move faster, invest deeper, and expand further into the domestic manufacturing capacity this country urgently needs. SUNation brings an established, customer-facing business that strengthens our foundation as we build toward that future together.”

TRANSACTION OVERVIEW

The transaction, approved by both companies’ boards and targeted to close in the second half of 2026, is contingent on stockholder approvals of the issuance of SUNation shares to Suniva stockholders and other items, SEC effectiveness of a Form S-4 registration statement, Nasdaq listing clearance and other customary closing conditions.

• The transaction combines Suniva’s U.S.-based solar cell manufacturing capabilities with SUNation’s established downstream installation, service and energy solutions businesses.
• By pairing Suniva's domestic advanced manufacturing platform and domestic moduling relationships with SUNation's local-market presence, the combined company aims to strengthen domestic supply-chain resilience and expand access to domestically produced solar solutions.
• Management believes this structure will enhance domestic supply-chain control, support margin expansions over time, and broaden access to U.S. capital markets for growth.
• Under the Merger Agreement, SUNation Merger Sub, Inc., a wholly-owned subsidiary of SUNation, will merge with and into Suniva, with Suniva surviving and continuing as a wholly-owned subsidiary of SUNation. SUNation is expected to change its name to Suniva, and the combined company is expected to operate under the Suniva name following closing.
• Based on the merger consideration formula in the Merger Agreement, pre‑merger Suniva stockholders are expected to own approximately 98.2% of the combined company and pre‑merger SUNation stockholders approximately 1.8% upon closing, subject to possible adjustment for SUNation’s net cash at closing.

COMBINED COMPANY POSITIONING

• The combined company is expected to operate as a Nasdaq-listed solar platform anchored by Suniva's American-owned and operated manufacturing capabilities alongside SUNation's proven installation and service businesses in high-demand regional markets.
• SUNation’s leadership brings deep relationships across the U.S. residential and commercial solar landscape, and is anticipated to help Suniva and its moduling partners serve these markets with domestic-content cells.
• The U.S. has roughly 59 gigawatts of solar module-assembly capacity but only about 3 gigawatts of operational cell capacity, leaving module makers heavily reliant on imported cells. Suniva intends to become the leading domestic solar cell supplier serving a more than 500 gigawatt market over the next decade.
• This combined company structure is designed to align with U.S. industrial and clean energy policy priorities, leverage domestic manufacturing incentives and support continued expansion of American-made solar capacity with the nation's growing energy needs.

SUNIVA’S LEADERSHIP POSITION IN THE MERGED COMPANY

Suniva brings the one capability the U.S. market has the least of and the parties believe need the most: operating, scaled, American-owned solar cell manufacturing at the highest-barrier point in the solar supply chain. In combination with SUNation’s downstream platform, the companies plan to create a differentiated, fully domestic solar company with both manufacturing and customer-facing depth. Key elements that support Suniva’s role at the helm of the new company include:

• Scaled U.S. cell manufacturing base - About 1 GW of operating nameplate capacity in Georgia, with an advanced plan to add 4.5 GW in South Carolina for more than 5.5 GW total.
• Market Leadership – Suniva has proven success in building and growing domestic solar cell manufacturing, the missing link in a U.S. market with operating solar cell manufacturing capacity that is less than 10% of deployed module capacity.
• Domestic‑content advantage - Suniva’s US-made cells help customers meet domestic‑content and foreign‑entity‑of‑concern requirements.
• Long‑term demand visibility - Substantial long‑term offtake commitments that support volume planning and capital deployment.
• Downstream fit with SUNation - SUNation’s residential, commercial, storage and service business in high‑cost markets provides a ready channel to deliver Suniva’s American‑made cells to end customers.

OTHER IMPORTANT DISCLOSURES

• SUNation has filed a Current Report on Form 8‑K with the U.S. Securities and Exchange Commission describing and filing the Merger Agreement and related matters, which investors are encouraged to review for additional information about the proposed transaction.
• Closing, targeted for the second half of 2026, is subject to customary closing conditions, including approvals by SUNation stockholders of the issuance of SUNation stock to Suniva stockholders and other matters and Suniva stockholders of the proposed transaction, effectiveness of an SEC registration statement on Form S‑4, and Nasdaq approval of the listing of the shares to be issued in the Merger.
• Following closing, the combined company’s board of directors is currently expected to consist of five members, all of whom will be designated by Suniva.
• In connection with signing the Merger Agreement, certain key stockholders of SUNation holding approximately 10.4% of the company entered into voting agreements in support of the transaction.
• Roth Capital Partners is serving as financial advisor to Suniva in connection with the transaction, and Kilpatrick Townsend is serving as legal counsel to Suniva. Gibson, Dunn & Crutcher is serving as legal counsel to Roth Capital Partners. Maxim Group is serving as financial advisor to SUNation, and Rimon P.C. is serving as legal counsel to SUNation.

Suniva | www.suniva.com

SUNation Energy | https://www.sunation.com/

Vema Hydrogen (“Vema”) announced that it has entered into a non-binding Letter of Intent (LOI) with First Atlantic Nickel & Cobalt Corp (TSXV: FAN | OTCQB: FANCF | FSE: P21) (“First Atlantic”), to jointly develop Engineered Mineral Hydrogen (EMH) at the Pipestone XL project, a 30-kilometer ultramafic belt in central Newfoundland. Under the LOI, the parties intend to establish a 50/50 joint venture to produce low-carbon hydrogen alongside First Atlantic's primary awaruite nickel-cobalt program. The partnership is intended to serve as a first-of-its-kind template for combining hydrogen production with critical mineral development at ultramafic sites, with the potential to attract co-located investment in clean fuels, ammonia, and downstream industry.

Figure 1: Aerial view of Vema's first pilot in Quebec

“Vema’s Engineered Mineral Hydrogen is on the verge of delivering clean energy at a scale cost-competitive with hydrocarbons,” said Dr. Douglas Wicks, Strategic Advisor to First Atlantic & Cobalt and former Program Director for ARPA-E’s MINER program and Geologic Hydrogen portfolio. “Awaruite forms through serpentinization when hydrogen reduces nickel and iron, so its presence at Pipestone XL is a clear signature of a hydrogen-rich system. Vema’s technology could engineer that same reaction for hydrogen production, and Pipestone XL is an ideal location due to its size, proximity to infrastructure, and the potential for cost efficiencies in co-locating hydrogen production with nickel & cobalt mining. Having worked closely with Vema’s founders since before the company’s founding, and having seen firsthand how they developed the engineered approach to geologic hydrogen, I believe Pipestone XL represents a compelling opportunity to bring this technology to commercial scale.”

Over the past twelve months, Vema has worked with First Atlantic to evaluate the Pipestone Ophiolite Complex, analyzing geological and geophysical data as well as infrastructure across the 30-kilometer belt. Laboratory testing of Pipestone rock samples at Vema's Orléans facility in France confirmed hydrogen production through stimulated serpentinization, indicating that the formation is well suited to EMH. Vema will leverage the experience gained in its established site in the Thetford ophiolite in Quebec, where Vema operates the world's first EMH project.

Newfoundland is a significant region for critical minerals and clean energy development, but exploration and mining remain energy-intensive. EMH produces hydrogen from iron-rich rock through naturally occurring geochemical reactions, with no grid electricity required. Locally produced hydrogen at Pipestone could, over time, support on-site energy needs for a large-scale nickel and cobalt mining district and related downstream industries.

Figure 2: Thin section analysis of Pipestone XL sample

"Vema operates the world's first Engineered Mineral Hydrogen project at the Thetford ophiolite in Quebec. Rock samples collected during Vema's site visit to Pipestone XL were tested at their lab in Orléans, France, confirming the hydrogen generation potential of the ultramafic host rocks. Given the link between awaruite formation and hydrogen, we're excited about the potential for Vema's technology to maximize the value of our unique nickel-cobalt alloy project," said Adrian Smith, P.Geo., CEO of First Atlantic.

The collaboration also positions both companies to explore how locally produced hydrogen could reshape energy planning for remote industrial sites. By pairing EMH supply with critical mineral development, the partners aim to demonstrate a model that strengthens regional energy resilience while reducing reliance on long-distance fuel transport.

"Engineered Mineral Hydrogen is a promising new primary energy source for regions with iron-rich rock, like at Pipestone," said Pierre Levin, CEO and Co-Founder of Vema Hydrogen. “Now with validated rock samples and permitting in place, we have a clear path to advance EMH at Pipestone and to expand the model across North America."

Awaruite (Ni₃Fe) is a naturally occurring, magnetic nickel-iron-cobalt alloy (Ni-Fe-Co). The U.S. Geological Survey has identified awaruite as a potential solution to nickel concentrate shortages, noting that it is much easier to concentrate than pentlandite, the principal nickel sulphide. Its magnetic, metallic nature allows recovery by both magnetic separation and flotation, without the smelting, roasting, or acid leaching that conventional nickel ores require.

Vema Hydrogen | https://www.vema.earth/

First Atlantic Nickel & Cobalt Corp | https://fanickel.com/

TOYO Co., Ltd. (Nasdaq: TOYO) (OTC: TOYWF), ("TOYO" or the "Company"), a solar manufacturing company, announced its strategic decision to expand its U.S. manufacturing platform by building a 1.5 GW heterojunction (HJT) solar cell manufacturing facility. The state-of-the-art facility will be co-located at the Company's existing solar module site in Houston metropolitan area, Texas, creating an integrated manufacturing hub expected to generate approximately 400 direct full-time manufacturing jobs.

The expansion represents a total projected capital investment of approximately $357 million. Engineering, facility design, and procurement planning are already underway, with full project completion and initial pilot production expected within 20 months.

By co-locating the 1.5 GW cell line with its module operations, TOYO expects to achieve operational synergies, reduce localized logistics costs, and shorten the production cycle from raw wafer processing to finished, U.S.-made solar modules. The facility will produce next-generation HJT cells, utilizing a technology that delivers enhanced conversion efficiencies and temperature coefficients compared to legacy solar architectures.

The execution of the project timeline for the new facility will be carried out in structured phases to ensure strict compliance with local regulatory frameworks and permitting timelines. TOYO intends to fund the expansion through an optimized capital structure, combining internal cash flow and non-dilutive project financing with potential strategic partnerships and value-accretive equity financing.

"Expanding into domestic cell manufacturing is the natural next step in our commitment to creating an integrated onshore solar supply chain from polysilicon to panels," said Takahiko Onozuka, Chairman and Chief Executive Officer of TOYO. "Co-locating 1.5 GW of HJT cell capacity at our Houston module site significantly optimizes our capital allocation and infrastructure spend. Beyond the financial and strategic merits, we are proud to be potentially creating 400 good-paying manufacturing jobs in Houston metropolitan area and investing in the long-term economic future of this community."

"The new cell plant reflects TOYO's long-term strategy to build a fully FEOC-compliant domestic manufacturing platform focused on serving the needs of the U.S. utility-scale solar market," said Rhone Resch, TOYO's Chief Strategy Officer. "By producing premium solar products in the United States, we will be well positioned to meet the market's evolving domestic content requirements while strengthening supply chain security and reliability. Looking ahead, we believe HJT is the optimal technology platform for integrating next-generation perovskite solar cells, which we expect will drive the next major advancement in solar conversion efficiency and support TOYO's long-term technology roadmap."

Strategic Drivers and Market Positioning

• The HJT Performance Advantage: HJT technology establishes a new benchmark for power density by combining industry-leading conversion efficiencies with very low annual degradation rates. Engineered for maximum yield, HJT cells feature superior bifaciality and an optimal temperature coefficient, ensuring high power production even in extreme heat.
• Offsetting U.S. Balance-of-System Costs: In the U.S. market—where fixed infrastructure, land, labor, and installation costs are inherently high—maximizing efficiency is critical. TOYO's high-density HJT technology dilutes these fixed upfront expenses by generating more megawatt-hours per acre, directly improving project returns for developers.
• Supply Chain Optimization and FEOC Compliance: TOYO's decision to build a domestic cell facility reflects the Company's foundational commitment to directly support the U.S. manufacturing reshoring initiative while fully satisfying evolving FEOC compliance standards.
• Maximizing Inflation Reduction Act (IRA) Incentives: Under current U.S. framework guidelines, domestic cell manufacturing qualifies for direct Advanced Manufacturing Production Credits (Section 45X of the IRA), which provide $0.04 per watt for domestically produced solar cells. At full 1.5 GW capacity, this represents a potential annual benefit of up to $60 million in production tax credits.
• Operational Synergies: Utilizing the existing Houston site infrastructure mitigates greenfield development risks, streamlines local permitting processes, and allows the Company to leverage its existing regional management team and labor pool.
• Job Creation and Local Economic Impact: The new facility is expected to create approximately 400 direct full-time manufacturing jobs in the Houston metropolitan area, with an estimated 1200 additional jobs across the regional supply chain. TOYO is committed to prioritizing local hiring and workforce development partnerships.

TOYO | https://www.toyo-solar.com/

Pathway Power has finalized a $150 million, senior-secured, finance facility from funds managed by AB CarVal. The funding will support late-stage development needs, including interconnection, PPA, equipment deposits and other pre-construction and construction equity costs for Pathway Power's portfolio of U.S. hybrid and storage assets.

"We are excited to collaborate with AB CarVal as our facility lender," said Jam Attari, CEO with Pathway Power. "Their deep expertise in renewable energy finance and confidence in our pipeline are meaningful validation of our project fundamentals and approach to building clean energy capacity. We look forward to putting that capital to work."

"We believe Pathway's strong pipeline of hybrid solar and energy-storage assets are set to provide generation and grid stability in critical RTO's including SPP and MISO," said Alex Flamm, managing director with AB CarVal. "We are pleased to work with Pathway Power to finance a mix of advanced stage assets that are expected to help address load growth in these markets including from data centers and reshoring. We look forward to seeing these projects break ground in the coming months."

This financing from funds managed by AB CarVal closed concurrently with a separate equity investment in Pathway Power.

Pathway Power, founded in 2022, is headquartered in San Diego, California. The company's pipeline comprises 13 hybrid and battery energy-storage system (BESS) projects totaling ~3.2 GWac across the U.S. Its management team has completed over 70 mergers and acquisitions and developed 40 GW of projects over the prior two decades.

Norton Rose Fullbright represented AB CarVal in the transaction.

Pathway Power | www.pathway-power.com

AB CarVal | www.abcarval.com