- The transaction value for the unique project, completed last year, included the sale and contracting agreement between Honeywell International and SolarBank, amounting to approximately $41 million.
- The 21MW DC ground-mount solar power projects, known as SB 13-1, SB 13-2 and SB-14, are located in upstate New York.
- The projects are expected to operate as community solar sites and be eligible to participate in the NYSUN program to receive NYSERDA incentives.
Disseminated on behalf of SolarBank Corporation
SolarBank (NASDAQ: SUUN) (CSE: SUNN) (NEO: 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., contracted for development of three solar power projects for Honeywell International in 2023 (https://ibn.fm/Ton0x).
The 21MW DC ground-mount solar power projects, known as SB 13-1, SB 13-2 and SB-14, are located in upstate New York. Developed as three separate 7 MW DC solar power projects, they have received positive interconnection results via a completed Coordinated Electric System Interconnection Review (“CESIR”). SolarBank is continuing to build the projects to commercial operation via an engineering, procurement and construction (“EPC”) agreement with Honeywell. The transaction, including the sale of the projects and the EPC agreement, amounted to approximately $41 million.
Supporting this major project is Honeywell’s own innovative remediation and redevelopment group, a team that collaborates with public and private entities to execute meaningful projects at industrial sites around the world. The group has completed several green remediation projects that include solar arrays (collections of solar panels) to minimize the impact to the electrical grid, minimize greenhouse gas emissions and support long-term treatment systems. This include these 21 MW DC SolarBank projects being developed for Honeywell on a landfill (https://ibn.fm/hMBzy).
Adding renewable energy capabilities to remediation sites is an example of what the EPA defines as green remediation: incorporating options to maximize the environmental benefits of cleanup actions.
SolarBank and Honeywell have a funding agreement in place under which Honeywell has provided funding for deposits/advance payments for the advancement of the projects. The advances, totaling approximately $2.668 million, were offset against the $41 million transaction.
The three projects are also expected to be eligible for incentives under the New York State Energy Research and Development Authority (“NYSERDA”) NY-Sun Program. Upon completion, the projects will be operated as community solar sites that will generate and feed clean energy into the local power grid. Depending on the size and number of panels the project has, dozens or even hundreds of renters and homeowners will be able to save money from the electricity that is generated by the project. By subscribing to a project, a homeowner earns credits on their electric bill every month from their portion of the solar that’s generated by the project, accessing the benefits of solar without installing panels on their home.
SolarBank expects that it will retain an operations and maintenance contract for the projects following the completion of construction, as confirmation of the close relationship and collaboration it has with Honeywell.
“The relationship between Honeywell and SolarBank continues to grow and these projects represent the largest to date constructed by the company for Honeywell,” SolarBank CEO Dr. Richard Lu commented at the time of the project sale. “We look forward to partnering and supporting the transition away from fossil fuels while reducing impacts to the electrical grid and lowering greenhouse gas emissions.”
For more information, visit the company’s website at SolarBankCorp.com.
This report contains forward looking information. Please refer to https://ibn.fm/G76GJ for additional details.
NOTE TO INVESTORS: The latest news and updates relating to SUUN are available in the company’s newsroom at https://ibn.fm/SUUN
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