Disseminated on behalf of SolarBank Corporation
Solar Boom:
From Fringe to Critical Infrastructure
Not long ago, solar energy was a niche experiment. Today, it is powering the grid and taking its place as critical infrastructure for America.
The numbers tell the story. In 2024, the U.S. added a record-breaking 49 gigawatts (GW) of new solar capacity, the largest single year of new capacity added by any energy technology in the past two decades.
Clean energy as a whole dominated new installations. A remarkable 93 percent of new generation capacity in 2024 came from solar, wind, and battery storage.
This is not a one-year fluke. It is an accelerating trend. The clean power industry shattered records with 49 GW added in 2024, which was a 33 percent increase over the previous record of 37 GW set in 2023.
Solar farms and panels are no longer just green extras. They are becoming as essential to the nation’s backbone as pipelines and power lines.
Why such a surge? Favorable policies, sharp cost declines for panels, and sky-high energy demand have all converged to supercharge solar adoption. The Inflation Reduction Act, for instance, has created more than 20,000 jobs and incentivized 20 billion dollars in new solar power tech manufacturing.
The result is that solar energy is everywhere, from vast utility-scale farms to community solar gardens on the edge of town.
It is now firmly entrenched as part of our energy security strategy. Policymakers see solar and other renewables not just as climate tools but as vital infrastructure to keep the lights on for America’s future.
For investors, this boom spells opportunity. The big question is who will seize it. Massive utilities and oil majors are piling into renewables. But the stock market’s biggest potential wins often come from smaller, agile players that ride a trend early.
Enter SolarBank Corporation (SUUN).
This little-known solar project developer just announced a major financing deal. It is the kind of deal that could be transformative. Here is the scoop on why SolarBank’s news has the clean energy crowd buzzing.
SolarBank (SUUN): The Little Solar Developer That Could
SolarBank has been building a solid foundation in the renewable energy space.
The company’s business model is straightforward and savvy. They develop solar projects, build them out, and either sell the projects or keep ownership to reap long-term revenues.
Specifically, SolarBank focuses on the distributed and community solar niches. Think mid-sized solar farms that sell power to local utilities, community subscription programs, businesses, municipalities, and even homeowners.
These are not the gargantuan 500 MW desert solar plants, but rather smaller projects spread across neighborhoods and commercial sites, often closer to where power is actually used. This distributed approach taps into the fastest-growing segments of solar, like community solar farms that allow everyday people to benefit from solar power as subscribers.
Importantly, SolarBank is positioning itself as an independent power producer. That means it aims to own and operate many of the projects it develops, not just flip them for a quick profit.
This strategy can yield steady, long-term cash flows from selling electricity and asset value on the balance sheet. The company already has a development pipeline of over 1,000 MW or 1 GW of potential projects in North America, and more than 100 MW of solar projects built to date.
Those projects range from community solar farms in New York powering thousands of homes, to behind-the-meter installations for commercial clients, and even solar-plus-battery energy storageprojects.
In one deal, SolarBank sold and agreed to construct three New York solar projects to Honeywell for 41 million U.S. dollars. In another deal, SolarBank sold and agreed to construct four New York solar projects to Qcells for $49.5 million U.S. dollars. This proves it can develop high-value assets that big players want.
Now, however, SolarBank is angling to hold onto more projects itself and grow a portfolio of solar assets under its ownership.
This all sets the stage for the big news. SolarBank just announced a financing that could fund nearly 100 MW of new solar projects in the U.S. without issuing a single new share of stock.
For a company with a market cap around only 80 million dollars, that is a massive catalyst. Let us break down what happened and why it is so transformative for this up-and-comer.
100 Million Dollars for 97 MW Without Dilution: A Game-Changer Deal
In an announcement on May 6 2025, SolarBank revealed it has partnered with CIM Group to finance a portfolio of U.S. solar projects totaling 97 MW.
CIM Group, a large infrastructure-focused fund manager, agreed to provide up to 100 million dollars in project-based funding to bring these solar projects to life.
The financing is structured in a unique way. CIM is investing via preferred equity at the project level. It is not a loan to SolarBank, and not equity in SolarBank’s public stock. They are essentially forming a joint venture with SolarBank’s subsidiary to own the 21 solar projects in this 97 MW portfolio.
Here is the kicker for investors…
No shares or securities of SolarBank’s public stock will be issued as part of this deal. Zero dilution.
The transaction has been structured such that SolarBank does not have to issue any new shares, as the financing is being completed at the project company level.
In other words, SolarBank found a way to fund an entire fleet of projects with outside capital without tapping existing shareholders for a dime.
Instead of doing a dilutive stock offering or taking on a burdensome corporate loan, SolarBank is leveraging project-specific funding.
This is huge.
It means the company can rapidly expand its solar assets off-balance-sheet while current shareholders keep their stake undiluted in the parent company. SolarBank will also retain majority ownership of the project portfolio, assuming the full 100 million dollars gets deployed.
They get the growth, and shareholders do not get ownership sliced down. A rare win-win.
To put the scale in perspective, 97 MW of solar is nearly equivalent to everything SolarBank has built in its entire history so far. And now it is slated to come online via one financing swoop. The deal not only validates SolarBank’s business model, it supercharges it.
With CIM Group as the backer, there is serious credibility here. CIM is a heavyweight investor that has deployed over 60 billion dollars into real estate and infrastructure since the 1990s.
They are not throwing 100 million at a small solar firm unless they see solid potential and returns.
Why It Matters for Investors
CIM will receive a 3 percent annual coupon on their investment and retain the tax credits generated by the projects.
Meanwhile, SolarBank keeps the remainder of long-term cash flow. This structure gives SolarBank access to capital without sacrificing its ownership or diluting shareholders. Preferred equity means CIM has a senior position in the revenue waterfall, but no claim on SolarBank’s public equity.
This is funding that limits risk exposure and positions SolarBank to capture the upside.
Each project must reach mechanical completion and then substantial completion to trigger funding milestones. This stage-gated model protects CIM’s capital while incentivizing SolarBank to deliver. And once the projects go live, SolarBank locks in recurring revenue from clean power generation across multiple states.
The structure includes buyout options. After five years, SolarBank can buy out CIM’s equity stake.
If it does not, CIM can require redemption at a fair valuation or multiple of invested capital. These exit terms give SolarBank flexibility while ensuring CIM gets a return.
It is a smart, institutional-grade structure applied to a micro-cap developer.
Not Under The Radar For Long
This deal could redefine SolarBank’s trajectory. It has secured serious institutional capital to build nearly 100 MW of solar projects. It did so without adding debt or issuing equity. That is rare.
If SolarBank executes, this financing could generate years of cash flow, asset appreciation, and investor value. SUUN might still be flying under the radar, but not for long.
For investors looking to get in early on a company with growing assets, strategic financing, and exposure to America’s renewable energy buildout, SolarBank might be worth a very close look. It is still small, but this deal makes it feel a lot more serious.
Disclaimer
This report contains forward-looking information. Please refer to the SolarBank press release entitled “US$100 Million Transformative, Project Financing Announced by SolarBank and CIM Group to Fund 97 MW of Renewable Energy Assets in the United States” for details of the information, risks and assumptions.
There are several risks associated with the transaction and development of the projects. The development of any project is subject to receipt of interconnection approval, receipt of a community solar contract, required permits, the continued availability of third-party financing arrangements for the Company and the risks associated with the construction of a solar power project. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for solar power, which could result in future projects no longer being economic. The transaction is subject to the execution of definitive documentation setting out all of the representations, warranties, covenants and conditions precedent associated with the Transaction. There is a risk that definitive documentation may not be executed or that the conditions precedent to the transaction are not satisfied. In such case, no funding will be advanced under the terms of the transaction. SolarBank will also need to secure the financing required to develop the projects to mechanical completion and substantial completion, as prior to such milestone none of the funding from the transaction will be available.
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References and Sources
- Solar Energy Industries Association (SEIA) – “Solar Adds More New Capacity to the Grid in 2024 Than Any Energy Technology in the Past Two Decades”
https://seia.org/news/report-solar-adds-more-new-capacity-to-the-grid-in-2024-than-any-energy-technology-in-the-past-two-decades - American Clean Power Association – “Clean Power Annual Market Report 2024 Snapshot”
https://cleanpower.org/news/market-report-2024-snapshot - Wikipedia – “Inflation Reduction Act”
https://en.wikipedia.org/wiki/Inflation_Reduction_Act - Reuters – “U.S. Power Use to Reach Record Highs in 2025 and 2026, EIA Says”
https://www.reuters.com/business/energy/us-power-use-reach-record-highs-2025-2026-eia-says-2025-05-06
