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NEWS
$25.8 Million Royal Bank of Canada Project Finance Facility Secured by SolarBank
Monday, 16th December at 7:00 am
Funding will be used to develop and construct two battery energy storage projects acquired as part of the Solar Flow-Through Funds Ltd. acquisition.
This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated May 23, 2024 to its short form base shelf prospectus dated May 2, 2023
TORONTO, Dec. 16, 2024 /PRNewswire/ - SolarBank Corporation(NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) ("SolarBank" or the "Company") is pleased to announce its subsidiary has secured the financial closing of a combined project loan ("Loan") in a principal amount of $25.8 million from Royal Bank of Canada as Lender, Administrative and Collateral Agent and Green Loan Structuring Agent (the "Lender" or "RBC").
The Loan, on a non-recourse basis, will be used for the construction, operation and maintenance of two 4.99 MW Battery Energy Storage System ("BESS") projects to be located in Ontario(the "Projects"), with project names SFF 06 and 903 respectively. The Projects are owned by 1000234763 Ontario Inc. ("ProjectCo") and ProjectCo is the borrower under the terms of the Loan. The Projects represent SolarBank's initial foray into battery energy storage, a market forecast by Fortune Business Insights to grow at a 16.3% compound annual growth rate from 2022 to reach US$31.2 billion by 20291. SolarBank's interest in ProjectCo was acquired as part of the $45 million valued acquisition of Solar Flow-Through Funds Ltd. that closed in July 2024.
Monday, 16th December at 7:00 am
Funding will be used to develop and construct two battery energy storage projects acquired as part of the Solar Flow-Through Funds Ltd. acquisition.
This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated May 23, 2024 to its short form base shelf prospectus dated May 2, 2023
TORONTO, Dec. 16, 2024 /PRNewswire/ - SolarBank Corporation(NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) ("SolarBank" or the "Company") is pleased to announce its subsidiary has secured the financial closing of a combined project loan ("Loan") in a principal amount of $25.8 million from Royal Bank of Canada as Lender, Administrative and Collateral Agent and Green Loan Structuring Agent (the "Lender" or "RBC").
The Loan, on a non-recourse basis, will be used for the construction, operation and maintenance of two 4.99 MW Battery Energy Storage System ("BESS") projects to be located in Ontario(the "Projects"), with project names SFF 06 and 903 respectively. The Projects are owned by 1000234763 Ontario Inc. ("ProjectCo") and ProjectCo is the borrower under the terms of the Loan. The Projects represent SolarBank's initial foray into battery energy storage, a market forecast by Fortune Business Insights to grow at a 16.3% compound annual growth rate from 2022 to reach US$31.2 billion by 20291. SolarBank's interest in ProjectCo was acquired as part of the $45 million valued acquisition of Solar Flow-Through Funds Ltd. that closed in July 2024.
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