SolarBank has secured a US$2.6 million construction loan from Seminole Financial Services to complete the 3.79 MW Geddes Project in Upstate New York. Once operational in Q3 2024, the project will supply green energy to over 500 homes. This community solar project repurposes a closed landfill, transforming it into a valuable asset. Seminole has funded over US$2.5 billion in renewable energy projects across the U.S. The loan will convert to a mini-perm loan upon project completion and is secured against the project's assets. No shares are issuable in connection with this loan.
SolarBank announced plans to develop a 6.41 MW DC ground-mount solar project in Bloomfield, New York, named the Rice Road Project. The project aims to provide green energy to over 800 homes and will operate as a community solar site, allowing subscribers to earn credits on their electric bills. The project is eligible for incentives under the NY-Sun Program from the New York State Energy Research and Development Authority (NYSERDA).
SolarBank has secured a lease for the project site and received interconnection approval. The next steps include completing the permitting process and securing financing for construction. The development faces risks such as obtaining necessary permits and third-party financing, as well as potential changes in government incentives and policies.
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