SolarBank Executes Lease on 19 MW Ground Mount Sites in Upstate New York
SolarBank Corporation (CSE: SUNN) (OTC: SUUNF) (FSE: GY2) ("SolarBank" or the "Company") announces that it has executed lease agreements on two closed landfill sites located in Skaneateles, New York and Lewiston, New York. The Company intends to develop three ground-mount community solar projects across the two sites with a capacity of 19.3 MW DC (the "Projects"). The Company's subsidiary was the successful proponent in an RFP from the private owner of the sites. The Projects are expected to be eligible for incentives under the New York State Energy Research and Development Authority ("NYSERDA") NY-Sun Program.
The Company is in process of submitting its initial interconnection request for the Projects. Following receipt of interconnection approval, the Company will work to complete the permitting process and secure the necessary financing for the construction of the Projects.
Once completed, each of the Projects 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.
SolarBank | www.solarbankcorp.com