- $25.8 million financing from the Royal Bank of Canada will be used for a 4.99 MW Ontario-based battery energy storage system consisting of two projects, SFF-06 and 903.
- The projects mark SolarBank’s first foray into energy storage, a market expected to reach $31.2 billion USD by 2029.
- The project benefits from a 22-year contract with Ontario’s electricity operator, ensuring stable revenue.
- SolarBank is leveraging government incentives, including a 30% Clean Technology Investment Tax Credit.
- Anvil Crawler Development Corp. was awarded a $1.85 million contract for civil and electrical work on the project.
Disseminated on behalf of SolarBank Corporation
SolarBank (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2), a premier developer and owner of renewable and clean energy projects, specializing in distributed and community solar initiatives throughout Canada and the U.S., has announced that construction began on its first battery energy storage system (“BESS”) in Ontario during the week of February 10, 2025 (https://nnw.fm/zXGhP).
The project, known as SFF-06, is located in Cramahe, Ontario, and represents SolarBank’s entry into the fast-growing battery storage sector. The project will store energy to help balance the electrical grid and improve reliability.
The move comes as battery storage demand surges, with the global market projected to reach $31.2 billion USD by 2029, growing at 16.3% annually (https://nnw.fm/nAkwM). Battery storage systems are becoming critical for addressing grid inefficiencies, aging infrastructure, and surging energy demand driven primarily by sectors such as artificial intelligence and crypto mining.
The project is part of a $25.8 million financing package from Royal Bank of Canada, covering two SolarBank projects (SFF-06 and 903).
SolarBank holds a 50% stake in the 4.99 MW project through ProjectCo, a company formed after SolarBank’s $45 million acquisition of Solar Flow-Through Funds Ltd. in 2024. The remaining 50% is owned by a First Nations partnership, showcasing a commitment to Indigenous investment in renewable energy.
The project benefits from a 22-year contract awarded by Ontario’s Independent Electricity System Operator (“IESO”) under its Expedited Long-Term RFP (“E-LT1 RFP”) program.
- The contract provides a fixed capacity payment of $1,221 per megawatt per business day—well above the market average.
- SolarBank expects the project to have 4.74 MW of daily contract capacity for 251 business days per year.
This long-term agreement ensures stable revenue, making the project attractive for investors. Additionally, SolarBank is taking advantage of Canada’s Clean Technology Investment Tax Credit, which provides up to 30% reimbursement for capital costs on new clean energy projects. This significantly improves the project’s financial viability, making it a cost-effective expansion into energy storage.
SolarBank has awarded Anvil Crawler Development Corp. a $1.85 million contract for civil and electrical work on the project. Anvil Crawler is part of Skyline Group, which manages over $5.4 billion USD in assets.
With the project’s February construction startup, SolarBank is quickly implementing this strategic expansion into energy storage, which aligns with ongoing broader trends in renewable energy and grid modernization. The move is a natural extension of the company’s significant renewable energy expertise, with its impressive portfolio of renewable energy initiatives, including more than 100 megawatts of developed capacity and a pipeline exceeding one gigawatt, all positioning it as a key player in driving the renewable energy transition.
For more information, visit the company’s website at SolarBankCorp.com.
This report contains forward looking information. Please refer to https://nnw.fm/18Bzz for additional details.
NOTE TO INVESTORS: The latest news and updates relating to SUUN are available in the company’s newsroom at https://nnw.fm/SUUN
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