SolarBank Secures $100 Million Financing for 97 MW U.S. Solar Portfolio
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.
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SolarBank Corporation has secured up to $100 million in project-level preferred equity financing for a 97 MW solar power portfolio across the United States. The financing, structured through a joint venture with SolarBank's subsidiary Abundant Solar Power Inc., represents a strategic move to expand the company's renewable energy infrastructure.
Under the terms of the agreement with CIM Group, the financing will not involve issuing new SolarBank shares. CIM will acquire non-convertible preferred equity in the venture, with SolarBank maintaining majority ownership of the 21 individual projects. The deal includes a complex financial structure featuring a revenue-sharing model, tax credit transfers, and redemption rights after a five-year holding period.
This financing marks a significant milestone for SolarBank, enabling the company to advance its renewable energy development strategy without shareholder dilution. The 97 MW portfolio demonstrates the company's commitment to expanding distributed and community solar projects across North America.
The investment highlights the growing investor confidence in solar energy infrastructure and SolarBank's potential to contribute to the ongoing transition toward clean energy solutions. By securing substantial project-level financing, the company can accelerate its development pipeline and potentially increase its market presence in the renewable energy sector.
Curated from InvestorBrandNetwork (IBN)
