SolarBank Secures $100 Million Financing from CIM Group to Expand U.S. Solar Portfolio
TL;DR
SolarBank secures US$100 million financing deal for 97 MW U.S. solar projects, positioning for long-term growth and equity-style exposure.
Deal structured as preferred equity investment at project level, maintaining SolarBank's share capital and majority ownership post-financing.
SolarBank's shift to long-term solar asset ownership promotes sustainable energy growth, contributing to a greener future for the U.S.
SolarBank partners with CIM Group for US$100 million solar energy financing, advancing renewable energy projects in the United States.
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SolarBank Corp. has secured a significant $100 million project financing deal with CIM Group, marking a pivotal moment in the company's renewable energy expansion strategy. The investment will support a portfolio of 21 solar energy projects totaling 97 megawatts across the United States.
The financing is structured as a preferred equity investment, allowing SolarBank to preserve its share capital while enabling CIM Group to receive a 3% annual coupon and retain full ownership of investment tax credits. This innovative approach positions SolarBank to maintain majority ownership of the project portfolio and advance its transition from solar project developer to long-term solar asset owner.
The deal represents a strategic milestone for SolarBank, demonstrating the company's commitment to growing its renewable energy footprint in the United States. By partnering with CIM Group, a prominent infrastructure investor, SolarBank is able to expand its solar project capacity without diluting its existing shareholders.
This financing arrangement underscores the increasing attractiveness of solar energy investments and highlights the growing momentum of distributed and community solar initiatives. The 97 MW portfolio will contribute to expanding renewable energy infrastructure and supporting the broader transition to clean energy solutions.
Curated from InvestorBrandNetwork (IBN)
