SolarBank Secures $100 Million Financing for 97 MW Solar Portfolio Across United States
TL;DR
SolarBank secures $100 million in project-level financing for 97 MW of solar power projects without new share issuance, retaining majority ownership.
SolarBank partners with CIM Group for non-convertible preferred equity financing with revenue-sharing model, tax credit transfers, and redemption rights after 5 years.
SolarBank's renewable energy projects contribute to a cleaner environment and sustainable future by selling electricity to utilities and off-takers in North America.
SolarBank's joint venture with CIM Group for solar power projects showcases innovative financing methods and sustainable energy development in the U.S.
Found this article helpful?
Share it with your network and spread the knowledge!
SolarBank Corporation (NASDAQ: SUUN) has secured up to $100 million in project-level preferred equity financing for a comprehensive 97 MW solar power portfolio across the United States. The innovative financing arrangement, structured through a joint venture with SolarBank subsidiary Abundant Solar Power Inc., represents a strategic move in expanding renewable energy infrastructure. Under the terms of the mandate letter with CIM Group, the financing will not involve issuing new SolarBank shares.
Instead, CIM will acquire non-convertible preferred equity in the venture, with SolarBank maintaining majority ownership of the 21 solar projects. The agreement includes a sophisticated revenue-sharing model, tax credit transfers, and redemption rights after a five-year holding period, contingent upon final documentation and development milestones. This financing represents a significant advancement for SolarBank, which focuses on developing distributed and community solar projects across North America.
The company has already demonstrated substantial progress in the renewable energy sector, with a potential development pipeline exceeding one gigawatt and a track record of developing renewable energy projects totaling over 100 megawatts. The solar portfolio's development signals continued momentum in the transition toward clean energy infrastructure, highlighting the growing investment potential in renewable energy projects. By securing robust project-level financing, SolarBank reinforces its position as a key player in advancing sustainable energy solutions across commercial, industrial, municipal, and residential markets.
Curated from InvestorBrandNetwork (IBN)
