SolarBank Corporation (Cboe CA: SUNN) (OTC: SUUNF) (FSE: GY2) ("SolarBank" or the "Company") announces that it has entered into a Purchase Agreement signed on March 26, 2024 with Storke Renewables, LLC (the "Vendor") to acquire a development stage solar project located in the Town of Camillus, New York on a closed landfill. SolarBank intends to develop a 3.15 MW DC ground-mount solar power project on the site (the "Project") that will operate as a community solar project. The Project is expected to be eligible for incentives under the New York State Energy Research and Development Authority ("NYSERDA") NY-Sun Program.

The Project has received interconnection approval and is in the final stage of the permitting process. SolarBank will continue to advance the Project through the permitting process and secure the necessary financing for the construction of the Project. The Project is expected to commence construction in Q3, 2024 and become operational in Q2 2025.

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.

Dr. Richard Lu, President & CEO of SolarBank commented: "SolarBank continues to execute on its growth strategy with a further expansion of its independent power producer asset base. This is all part of SolarBank's two pronged strategy of continuing to develop for sale and EPC service a large part of its development pipeline, while also growing its asset base and recurring revenue through ownership of solar projects."

SolarBank Corporation | www.solarbankcorp.com