PowerBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: 103) has secured $1.74 million in funding for three community solar projects in Nova Scotia through the provincial Department of Environment and Climate Change. The funding, managed by Net Zero Atlantic, supports the Sydney, Brooklyn, and Petpeswick solar initiatives as part of efforts to help Atlantic Canada achieve carbon neutrality by 2050.
The grant allocation includes $340,000 for the Sydney Solar Project, $440,000 for the Petpeswick Solar Project, and $960,000 for the Brooklyn Solar Project. These projects represent a significant step in expanding renewable energy infrastructure in the region, with ownership divided between AI Renewable Flow-through Fund (48%) and either a non-profit organization or Potlotek First Nation (52%).
PowerBank serves as the lead developer and builder, collaborating with Trimac Engineering to deliver the projects. The company brings substantial expertise to the Canadian market, having completed more than 50 MW of community solar projects in the United States. This experience positions PowerBank to effectively contribute to Canada's emerging community solar sector.
The funding announcement underscores the growing importance of community-based renewable energy projects in meeting climate goals. Community solar allows multiple participants to benefit from solar energy generation without requiring individual rooftop installations, making renewable energy more accessible to broader segments of the population. The projects align with Nova Scotia's broader energy transition strategy and demonstrate the potential for public-private partnerships to accelerate clean energy adoption.
For additional information about Net Zero Atlantic's initiatives, visit https://www.netzeroatlantic.ca. Details about the funding program can be found at https://ibn.fm/LGh48. The forward-looking information disclaimer is available at https://ibn.fm/oXSZ2.
This development represents a meaningful advancement in regional renewable energy infrastructure, potentially serving as a model for other communities seeking to develop similar projects. The successful implementation of these solar initiatives could lead to reduced carbon emissions, increased energy security, and economic benefits for local communities through job creation and sustainable energy production.
