- SolarBank (SUUN, Financial) to develop a 4.584 MW DC solar project in upstate New York.
- Project expected to power approximately 540 homes through a community solar model.
- Operations unaffected by recent US tariffs on Southeast Asian solar cells.
SolarBank Corporation (SUUN) has unveiled plans to develop a 4.584 MW DC ground-mount solar power project, named the Forest Hill Rd project, in upstate New York. The new development is part of SolarBank's growing pipeline, which now exceeds one gigawatt, and is expected to supply energy to around 540 homes. This initiative will operate as a community solar installation and is projected to have a year-one VDER rate compensation of $0.0971/kWh.
The project has secured a site lease and is currently undergoing interconnection studies. It is eligible for incentives from the NYSERDA NY-Sun Program, aiming for incentives of up to $0.345/W DC. SolarBank has partnered with Solar Simplified to manage customer-related processes, ensuring full subscription and maximizing revenue from the project’s inception.
Dr. Richard Lu, CEO of SolarBank, addressed concerns regarding recent tariff increases on solar cells from Southeast Asia. He confirmed that SolarBank's operations would remain unaffected, as the company does not import from the countries targeted by these tariffs. Instead, SolarBank is exploring alternative panel sourcing options from the Middle East and North America, while continuing to capitalize on development opportunities in Canada, which are not subject to these tariffs.
The project will enhance SolarBank's commitment to community solar, facilitating subscribers to contribute to and benefit from clean energy without installing panels on individual homes. Solar Simplified will handle the customer-facing operations, allowing SolarBank to focus on expanding its renewable energy portfolio.
