SolarBank Sells $7.3 Million Camillus Solar Project to Developer

TORONTO, March 19, 2025 /PRNewswire/ — SolarBank Corporation (NASDAQ: ; Cboe CA: SUNN, FSE: GY2) announced today that it has sold its 3.26 MW Camillus Solar Project to Solar Advocate Development LLC for a transaction valued at $7.3 million USD. This project marks the eighth community solar initiative built for Solar Advocate since the companies began their partnership in 2018.

“The continued collaboration with Solar Advocate highlights our commitment to delivering sustainable solutions tailored for our partners,” said Dr. Richard Lu, CEO of SolarBank. “We are excited to execute our growth strategy further within the engineering, procurement, and construction (EPC) segment of our business and the independent power producer sector.”

The Camillus Solar Project will be developed on a closed landfill site and operate as a community solar project. It is expected to qualify for incentives under the New York State Energy Research and Development Authority’s NY-Sun Program, further enhancing its economic feasibility.

SolarBank has secured an interconnection agreement with the local utility and obtained necessary permits from local authorities. Initial engineering work and construction have begun, alongside the procurement of essential equipment such as solar panels, inverters, racking, and transformers from Tier 1 suppliers.

The transaction terms include an EPC agreement dated March 18, 2025, ensuring the completion of the project for the Owner. Both the sale of the project and the value of the EPC agreement combined amount to approximately $7.3 million USD.

However, SolarBank acknowledges several challenges associated with the project’s development. Key risks include the reliability of third-party financing for the Owner and potential alterations in government incentives that could impact the project’s financial viability. The company warns that should the EPC agreement be terminated, it may not achieve the total anticipated transaction value.

As a pioneer in renewable energy, SolarBank is focused on developing distributed and community solar initiatives in Canada and the United States. It specializes in solar, battery energy storage systems, and electric vehicle charging projects, ensuring that they cater to a wide range of customers including utilities, commercial entities, and residential clients.

The company boasts a substantial development pipeline of over one gigawatt and has successfully developed more than 100 megawatts of renewable energy projects to date.