SolarBank - SUUN STOCK NEWS

SolarBank (NASDAQ: SUUN) has announced progress on its 5.4 MW DC ground-mount solar power project in upstate New York, known as the Boyle Rd project. The project has reached a key milestone by receiving positive interconnection results through a completed Coordinated Electric System Interconnection Review (CESIR).

The project will operate as a community solar initiative, expected to power approximately 630 homes. It qualifies for incentives under the NYSERDA NY-Sun Program. Following permitting and financing, construction will commence. The community solar model allows residents to subscribe and earn monthly electric bill credits without installing panels on their homes.

SolarBank has partnered with Solar Simplified to handle customer-facing activities, including acquisition, enrollment, and management, ensuring full project subscription and maximized revenue from day one.

SolarBank (NASDAQ: SUUN) has announced progress on its 2.9 MW DC ground-mount solar power project in Gainesville, New York, known as the Silver Springs project. The project has received positive interconnection results through a completed Coordinated Electric System Interconnection Review (CESIR) and will now proceed with site permitting.

The project is expected to qualify for NYSERDA NY-Sun Program incentives and will operate as a community solar project, potentially powering up to 340 homes. Solar Simplified will manage customer-facing activities, handling acquisition, enrollment, and management to ensure full project subscription.

CEO Dr. Richard Lu noted that recently announced tariffs on Canada, Mexico, and China are not expected to impact operations, citing their $49.8 million transaction with Qcells for developing four projects using "Made in America" solar panels.

SolarBank (NASDAQ: SUUN) has announced progress on its 7.2 MW DC ground-mount North Main solar project in Wyoming County, New York. The project has completed its Coordinated Electric System Interconnection Review (CESIR) and is moving forward to the site permitting phase.

Upon completion, the facility will operate as a community solar project, expected to power approximately 850 homes. The project qualifies for incentives under NYSERDA's NY-Sun Program. Community members can subscribe to receive electric bill credits and access renewable energy at discounted rates without installing personal solar panels.

SolarBank has partnered with Solar Simplified to manage customer-facing activities, including acquisition, enrollment, and management, ensuring full project subscription and maximized revenue from day one. The development remains subject to obtaining necessary permits, community solar contracts, third-party financing, and construction-related risks.

SolarBank (NASDAQ: SUUN) announces partnership with Viridi for a combined 3.06 MW DC solar power and 1.2 MWH battery storage project in Buffalo, New York. The project will be constructed on a closed landfill site, converting unused land into a clean energy asset. SolarBank intends to own the project, while Viridi will supply the battery energy storage system (BESS) featuring innovative lithium-ion battery packs with integrated fire suppression and anti-propagation technology.

The project will operate as a community solar initiative, allowing local residents to benefit from solar power without installing panels on their homes. SolarBank has secured the site lease and applied for interconnection approval. The development is subject to successful interconnection approval, permitting process completion, and securing necessary financing.

SolarBank (SUUN) reported its fiscal Q2 and fiscal 2025 interim financial results. Key highlights for the six months ended December 31, 2024 include:

IPP revenue increased significantly from $0.1M to $5.4M. Total revenue was $20.1M compared to $26.3M in 2024. Gross profit improved to $5.9M (29.2% margin) from $4.8M (18.4% margin). The company reported an Adjusted EBITDA of $2.4M, up from $0.3M, but posted a net loss of $1.9M ($0.06 per share) compared to net income of $2.0M ($0.08 per share) in 2024.

Assets grew 372% to $185.3M following Solar Flow-Through Funds acquisition. The company secured a $49.5M USD deal with Qcells and a $25.8M RBC Project Finance facility for BESS projects. Current assets increased to $33.6M from $17.6M, while current liabilities rose to $34.7M from $13.4M.

SolarBank (NASDAQ: SUUN) has announced progress on two community solar projects in Skaneateles, New York, with a combined capacity of 14.4 MW DC. The projects, located on industrial brownfield sites in the Finger Lakes Region, have achieved a key milestone by receiving positive interconnection results through a completed Coordinated Electric System Interconnection Review (CESIR).

The projects are expected to power approximately 2,100 homes and qualify for incentives under the NYSERDA NY-Sun Program. The next phase involves completing the permitting process, which is already in progress. Once operational, these community solar installations will allow local residents to subscribe and earn credits on their electric bills from the generated solar power, potentially reducing their electricity costs compared to standard utility rates.

SolarBank (NASDAQ: SUUN) has announced its schedule for releasing Q2 FY2024 financial results and hosting an earnings call. The company will release its quarterly financial results for the period ended December 31, 2024, after the Nasdaq market closes on Friday, February 14, 2025.

A webinar featuring a business update and discussion of quarterly results is scheduled for February 18, 2025, at 4:30 PM Eastern Time, following the Nasdaq market holiday on February 17. Interested participants can register for the webinar through Microsoft Teams.

SolarBank (NASDAQ: SUUN) has announced the start of construction of its first Battery Energy Storage System (BESS) project in Cramahe, Ontario, scheduled for February 10, 2025. The SFF-06 project is being financed through a $25.8 million loan from Royal Bank of Canada, with Anvil Crawler awarded a $1.85 million contract for civil and electrical work.

The project secured a 22-year contract with the Independent Electricity System Operator (IESO) featuring a fixed contract capacity payment of $1,221/MW per business day, exceeding the weighted average price of $876/MW for storage projects. Once operational, the 4.74 MW project will be available for 251 business days annually. The project qualifies for a 30% Clean Technology Investment Tax Credit on eligible capital costs. SolarBank holds a 50% indirect interest in the project, with the remaining stake held by First Nations communities in Ontario.

SolarBank (SUUN) achieved significant milestones in 2024, securing over $67.5M USD in strategic partnerships. Key developments include a $49.5M transaction with Qcells for four NY solar projects, a $25.8M RBC project finance facility, and the acquisition of Solar Flow-Through Funds valued at $45M.

The company expanded its presence by listing on Nasdaq Global Market and Cboe Canada. Notable operational achievements include completing several community solar projects across New York State, with new developments in Nova Scotia and Pennsylvania. SolarBank also announced its strategic expansion into data center infrastructure to support AI and sustainable energy solutions.

The company completed mechanical construction on multiple projects, including the 3.7 MW DC Geddes project and secured various lease agreements for new solar developments expected to provide green energy to thousands of homes.