Community Solar Projects Receive $1.74 Million Grant from Net Zero Atlantic
PowerBank Corporation (NASDAQ: SUUN) has secured a $1.74 million grant from Net Zero Atlantic for three community solar projects in Nova Scotia. The funding will support the development of projects in Sydney ($340k), Petpeswick ($440k), and Brooklyn ($960k), with a total generation capacity of 12.4 MW DC.
The projects are structured with 48% ownership by AI Renewable Flow-through Fund and 52% ownership by non-profit organizations or Potlotek First Nation. PowerBank, partnering with Trimac Engineering, will serve as the lead developer and builder. The initiative is part of Nova Scotia's Community Solar Program (CSP), the first of its kind in Canada, supporting the province's goal of 80% renewable energy by 2030 and achieving net-zero electricity grid by 2035.
PowerBank Corporation (NASDAQ: SUUN) ha ottenuto una borsa di 1,74 milioni di dollari da Net Zero Atlantic per tre progetti solari comunitari in Nuova Scozia. Il finanziamento copre i progetti a Sydney (340.000$), Petpeswick (440.000$) e Brooklyn (960.000$), con una capacità complessiva di 12,4 MW DC.
I progetti prevedono una partecipazione del 48% a carico dell'AI Renewable Flow-through Fund e un 52% da parte di organizzazioni non profit o della Potlotek First Nation. PowerBank, in collaborazione con Trimac Engineering, agirà come sviluppatore e costruttore principale. L'iniziativa rientra nel Community Solar Program (CSP) della Nuova Scozia, il primo del suo genere in Canada, e sostiene l'obiettivo provinciale di raggiungere l'80% di energia rinnovabile entro il 2030 e una rete elettrica a emissioni nette zero entro il 2035.
PowerBank Corporation (NASDAQ: SUUN) ha obtenido una subvención de 1,74 millones de dólares de Net Zero Atlantic para tres proyectos solares comunitarios en Nueva Escocia. La financiación apoyará los proyectos en Sydney (340.000$), Petpeswick (440.000$) y Brooklyn (960.000$), con una capacidad total de generación de 12,4 MW CC.
Los proyectos están estructurados con un 48% de propiedad por parte del AI Renewable Flow-through Fund y un 52% por organizaciones sin fines de lucro o la Potlotek First Nation. PowerBank, en asociación con Trimac Engineering, será el desarrollador y constructor principal. La iniciativa forma parte del Community Solar Program (CSP) de Nueva Escocia, el primero de su tipo en Canadá, y respalda la meta provincial de alcanzar el 80% de energía renovable para 2030 y una red eléctrica de emisiones netas cero para 2035.
PowerBank Corporation (NASDAQ: SUUN)가 Net Zero Atlantic으로부터 노바스코샤의 세 공동체 태양광 프로젝트에 대해 174만 달러 보조금을 확보했습니다. 자금은 Sydney(34만 달러), Petpeswick(44만 달러), Brooklyn(96만 달러) 프로젝트 개발을 지원하며 총 발전 용량은 12.4 MW DC입니다.
프로젝트 지분 구조는 AI Renewable Flow-through Fund가 48%, 비영리 단체 또는 Potlotek First Nation이 52%를 보유합니다. PowerBank는 Trimac Engineering과 협력해 주개발자이자 시공사 역할을 맡습니다. 이 사업은 캐나다 최초인 노바스코샤의 커뮤니티 태양광 프로그램(CSP)의 일부로, 2030년까지 재생에너지 비중 80% 및 2035년까지 전력망 넷제로 달성 목표를 지원합니다.
PowerBank Corporation (NASDAQ: SUUN) a obtenu une subvention de 1,74 million de dollars de Net Zero Atlantic pour trois projets solaires communautaires en Nouvelle-Écosse. Le financement soutiendra le développement des projets à Sydney (340 000$), Petpeswick (440 000$) et Brooklyn (960 000$), pour une capacité totale de 12,4 MW CC.
Les projets sont structurés avec une participation de 48% par l'AI Renewable Flow-through Fund et 52% par des organisations à but non lucratif ou la Potlotek First Nation. PowerBank, en partenariat avec Trimac Engineering, agira en tant que développeur et constructeur principal. L'initiative fait partie du Community Solar Program (CSP) de la Nouvelle-Écosse, le premier du genre au Canada, et soutient l'objectif provincial de 80% d'énergies renouvelables d'ici 2030 et d'atteindre un réseau électrique à zéro émission nette d'ici 2035.
PowerBank Corporation (NASDAQ: SUUN) hat von Net Zero Atlantic einen Förderbetrag von 1,74 Millionen US-Dollar für drei kommunale Solarprojekte in Nova Scotia erhalten. Die Finanzierung unterstützt die Projekte in Sydney (340.000$), Petpeswick (440.000$) und Brooklyn (960.000$) mit einer Gesamterzeugungskapazität von 12,4 MW DC.
Die Projektstruktur sieht eine 48%ige Beteiligung des AI Renewable Flow-through Fund und 52% durch gemeinnützige Organisationen oder die Potlotek First Nation vor. PowerBank wird in Partnerschaft mit Trimac Engineering als Hauptentwickler und -bauer fungieren. Die Initiative ist Teil des Community Solar Program (CSP) von Nova Scotia, dem ersten seiner Art in Kanada, und unterstützt das Provinzziel von 80% erneuerbarer Energie bis 2030 sowie die Erreichung eines netto-null Stromnetzes bis 2035.
- Secured significant $1.74 million grant funding for three solar projects
- Strategic ownership structure with local partners enhances community engagement
- Company brings proven track record with over 50 MW of completed community solar projects
- Projects align with Nova Scotia's renewable energy goals, providing long-term market opportunity
- Project success depends on partnership with local engineering firm
- Complex ownership structure may impact decision-making and project execution
Insights
PowerBank secured $1.74M grant for Nova Scotia solar projects, advancing its Canadian community solar presence with 12.4MW development.
PowerBank Corporation has secured a
The projects' ownership structure is notable -
This development aligns with Nova Scotia's ambitious climate goals, including
Funding to be used for the development of 3 Community Solar projects, generating a total of 12.4 MW DC.
Net Zero Atlantic is a leading research organization with a team of scientists, engineers and project mangers working to support the energy transition and respond to climate change. Their purpose is to advance a sustainable and inclusive transition to a carbon-neutral
Under the grant, the Company will receive
"We are proud to support
The Nova Scotia Community Solar Program (CSP), is the first CSP in
About PowerBank Corporation
PowerBank Corporation is an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects in
The Company develops solar and Battery Energy Storage System (BESS) projects that sell electricity to utilities, commercial, industrial, municipal and residential off-takers. The Company maximizes returns via a diverse portfolio of projects across multiple leading
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Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including those listed under "Forward-Looking Statements" and "Risk Factors" in the Company's most recently completed Annual Information Form, and other public filings of the Company, which include: risks inherent with investing in Bitcoin, including Bitcoin's volatility; the risks of implementing a new treasury diversification strategy; the Company may be adversely affected by volatile solar power market and industry conditions; the execution of the Company's growth strategy depends upon the continued availability of third-party financing arrangements; the Company's future success depends partly on its ability to expand the pipeline of its energy business in several key markets; governments may revise, reduce or eliminate incentives and policy support schemes for solar and battery storage power; general global economic conditions may have an adverse impact on our operating performance and results of operations; the Company's project development and construction activities may not be successful; developing and operating solar projects exposes the Company to various risks; the Company faces a number of risks involving Power Purchase Agreements ("PPAs") and project-level financing arrangements; any changes to the laws, regulations and policies that the Company is subject to may present technical, regulatory and economic barriers to the purchase and use of solar power; the markets in which the Company competes are highly competitive and evolving quickly; an anti-circumvention investigation could adversely affect the Company by potentially raising the prices of key supplies for the construction of solar power projects; foreign exchange rate fluctuations; a change in the Company's effective tax rate can have a significant adverse impact on its business; seasonal variations in demand linked to construction cycles and weather conditions may influence the Company's results of operations; the Company may be unable to generate sufficient cash flows or have access to external financing; the Company may incur substantial additional indebtedness in the future; the Company is subject to risks from supply chain issues; risks related to inflation; unexpected warranty expenses that may not be adequately covered by the Company's insurance policies; if the Company is unable to attract and retain key personnel, it may not be able to compete effectively in the renewable energy market; there are a limited number of purchasers of utility-scale quantities of electricity; compliance with environmental laws and regulations can be expensive; corporate responsibility may adversely impose additional costs; the future impact of any resurgence of COVID-19 on the Company is unknown at this time; the Company has limited insurance coverage; the Company will be reliant on information technology systems and may be subject to damaging cyberattacks; the Company may become subject to litigation; there is no guarantee on how the Company will use its available funds; the Company will continue to sell securities for cash to fund operations, capital expansion, mergers and acquisitions that will dilute the current shareholders; and future dilution as a result of financings.
The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
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SOURCE PowerBank Corporation
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