SolarBank - SUUN STOCK NEWS

SolarBank (NASDAQ: SUUN) has announced a US$49.5 million transaction with Qcells for the sale and construction of four ground-mount solar power projects in upstate New York, totaling 25.577 MW. The projects, known as Gainesville, Hardie, Rice Road, and Hwy 28, have received positive interconnection results through CESIR.

SolarBank will handle the engineering, procurement, and construction (EPC) of these projects for Qcells and is expected to retain operations and maintenance contracts after completion. The projects will operate as community solar initiatives, allowing homeowners to earn credits on their electric bills through the NY-Sun Program.

Qcells, a subsidiary of South Korea's Hanwha Solutions, is investing nearly $2.8 billion in U.S. domestic solar manufacturing. The projects will utilize Qcells modules manufactured in the USA, supporting the domestic clean energy transition.

SolarBank (NASDAQ: SUUN) has secured a $25.8 million project loan from Royal Bank of Canada for two 4.99 MW Battery Energy Storage System projects in Ontario. The loan will fund construction, operation, and maintenance of projects SFF 06 and 903, owned by ProjectCo, in which SolarBank holds a 50% interest.

The projects, acquired through the $45 million Solar Flow-Through Funds acquisition in July 2024, have secured 22-year contracts with IESO at $1,221/MW per business day, above the weighted average of $876/MW. Each project will have 4.74 MW of daily contract capacity for 251 business days annually. The projects qualify for a 30% Clean Technology Investment Tax Credit on eligible capital costs.

SolarBank (NASDAQ: SUUN) held its 2024 Annual General and Special Meeting on December 12, 2024, in Toronto. Shareholders elected five directors with overwhelming support, each receiving over 99% of votes: Dr. Richard Lu, Matthew Wayrynen, Paul Pasalic, Paul Sparkes, and Chelsea Nickles.

The meeting also resulted in the appointment of ZH CPA, as auditors, approval of the Company's Share Compensation Plan and its unallocated entitlements, and authorization for the board to set the number of directors within the articles' limits under Section 125(3) of the Business Corporations Act (Ontario).

SolarBank (NASDAQ: SUUN), a renewable and clean energy project developer focused on distributed and community solar projects in Canada and the USA, has announced its participation in the Benchmark Company 13th Annual Discovery Investor Conference. The event will take place on Wednesday, December 11, 2024, at the New York Athletic Club in New York City.

CEO Dr. Richard Lu will be available for one-on-one meetings with analysts and investors throughout the conference day. Interested parties can schedule meetings through their Benchmark Company representative, and conference registration is available online.

SolarBank (NASDAQ: SUUN) announces its subsidiary has secured a $3 million loan from RE Royalties for three 4.99 MW Battery Energy Storage System (BESS) projects in Ontario. The loan matures on November 26, 2025, with an 11% annual interest rate and includes a 0.40% royalty on gross revenues (reducible to 0.25% if repaid within six months). The projects, part of SolarBank's initial entry into battery storage, were acquired through the $45 million Solar Flow-Through Funds acquisition in July 2024. The borrower holds a 50% indirect interest in the projects, with the remaining stake held by First Nations communities in Ontario.

SolarBank (NASDAQ: SUUN) has announced plans to develop a 4.6 MW DC ground-mount solar power project in Seneca County, New York. The Stone Church project, which has already secured a site lease and is undergoing interconnection study, is expected to power over 540 homes through community solar initiatives. The project will be eligible for incentives under NYSERDA's NY-Sun Program and represents an addition to SolarBank's development pipeline exceeding one gigawatt. Through this community solar project, local residents can earn credits on their electric bills without installing panels on their homes.

SolarBank reported strong Q1 fiscal 2025 results, with revenue increasing 108% to $16.0 million compared to $7.7 million in Q1 2024. The company saw a 361% growth in assets to $181.0 million following the Solar Flow-Through Funds acquisition. Cash flow from operating activities surged 1,099% to $8.1 million, while Adjusted EBITDA reached $2.4 million. Net income was $0.2 million ($0.01 per share), down from $2.0 million ($0.08 per share) in 2024, primarily due to increased depreciation, interest expenses, and professional fees related to the SFF acquisition.

SolarBank (NASDAQ: SUUN) has announced it will release its Q3 2024 financial results for the period ended September 30, 2024, after the Nasdaq market closes on Thursday, November 14, 2024. The company will host a webinar at 4:30 PM Eastern Time on the same day to discuss quarterly results and provide a business update. Interested participants can register for the webinar through the provided Microsoft Teams link.

SolarBank (NASDAQ: SUUN, Cboe CA: SUNN, FSE: GY2) has announced its plans to release its quarterly financial results for the period ending September 30, 2024. The announcement will be made after the Nasdaq market closes on Thursday, November 14, 2024.

Additionally, SolarBank will host a webinar to provide a business update and discuss the quarterly results on the same day at 04:30 PM Eastern Time (US and Canada). Interested parties can register in advance for the webinar through the provided link and will receive a confirmation email with details on how to join the session.