SolarBank secures $19m for renewable energy projects, including battery storage

From Yahoo Finance: 2025-03-24 06:19:00

Canadian renewable energy developer SolarBank secures up to $19m in equity financing from an institutional investor. The deal includes the purchase of 2,394,367 common shares and warrants at $3.55 and $4.45 per share, respectively, supporting independent power producer assets and general corporate purposes.

The financing will aid SolarBank’s projects, including battery energy storage systems and a community solar project in New York. The offering is set to close around 24 March 2025, with $8.5m allocated initially and a potential $10.65m if warrants are fully exercised for cash. AGP/Alliance Global Partners is the sole placement agent.

SolarBank also sells its 3.26MW Camillus solar project to Solar Advocate Development for $7.3m. The project, on a closed landfill site, will operate as a community solar project eligible for incentives under the NYSERDA NY-Sun program. SolarBank secured $1,058,616 in incentives from NYSERDA for the project.

With approvals received, SolarBank is ready to proceed with the Camillus project. Engineering and construction have started, with procurement of major equipment underway. The project will be built under an engineering, procurement, and construction agreement dated 18 March 2025.

Read more: SolarBank secures $19m to advance solar and energy storage projects