Disseminated on behalf of SolarBank Corporation

Big Moves in Clean Energy – And the Numbers Back It Up

SolarBank Corporation (NASDAQ: SUUN) is making waves in the energy world with the launch of its first-ever 4.99 MW Battery Energy Storage System (BESS) project in Ontario.

Construction on the SFF-06 project in Cramahe is locked and loaded, and has commenced the week of February 10, 2025.

This isn’t just another solar play.

This is SolarBank (NASDAQ: SUUN) diving headfirst into the exploding battery storage market, and they’re doing it in style.

RBC Brings the Big Bucks

Serious projects need serious cash, and the Royal Bank of Canada (RBC) is stepping up. They’re backing SolarBank’s BESS expansion with a hefty $25.8 million loan, covering both the SFF-06 project and its sibling, Project 903.

RBC isn’t just throwing money around—they’re acting as lender, administrative agent, collateral agent, and green loan structuring agent.

Translation? They believe in this project.

SolarBank is moving forward through its partially-owned subsidiary 1000234763 Ontario Inc. (“ProjectCo”), which is holding the purse strings. The company solidified its expansion strategy last year by acquiring Solar Flow-Through Funds Ltd. in a transaction valued at $45 million.

It’s all part of SolarBank’s plan to dominate the clean energy storage space.

A-List Partners for a High-Stakes Project

When it comes to execution, SolarBank (NASDAQ: SUUN) isn’t cutting corners. They’ve tapped Anvil Crawler Development Corp., a subsidiary of Skyline Group of Companies, to handle the dirty work. With a $1.85 million contract, Anvil Crawler is in charge of civil and electrical construction.

Skyline, a heavyweight with over $5.4 billion in assets, is no stranger to sustainability-focused projects, making them the perfect fit for this game-changing development.

22 Years of Guaranteed Revenue

One of the most exciting aspects of this project is the 22-year contract with Ontario’s Independent Electricity System Operator (IESO). SolarBank locked this down in July 2023, and it’s a solid revenue driver.

The contract provides a fixed capacity payment of $1,221 per megawatt per business day. That’s a big win considering the program’s average sits at just $876/MW.

With 4.74 MW of daily capacity over 251 business days each year, SolarBank is looking at a steady, predictable revenue stream.

Tax Perks and a Strong Partnership

This project is also riding the Canada Clean Technology Investment Tax Credit wave, which covers 30% of eligible capital costs. That’s a major boost to the financials.

Beyond tax incentives, SolarBank (NASDAQ: SUUN) holds 50% of ProjectCo, while the other half belongs to a First Nations partnership in Ontario.

That’s not just good business—it’s sustainable, inclusive economic development that benefits local communities.

BESS is Growing Fast – And SolarBank is Getting in Early

Energy storage is no longer an afterthought—it’s the future. Governments and corporations are throwing cash at battery storage solutions to cut carbon emissions and stabilize power grids. The numbers tell the story:

• In 2023, the global BESS market was valued at $18.2 billion and is projected to hit $114.05 billion by 2032, growing at a CAGR of 20.88%.
• The U.S. market alone is forecasted to hit $31.2 billion by 2029, growing at 16.3% CAGR.

SolarBank (NASDAQ: SUUN) isn’t just showing up—they’re moving in at the right time.

Every project comes with challenges. SolarBank still has to navigate permits, secure financing, and manage potential battery degradation over time. Shifting government policies on BESS incentives could also pose risks.

But SolarBank (NASDAQ: SUUN) isn’t new to this game.

With over 100 MW of completed projects and a development pipeline exceeding one gigawatt, they know how to get things done.

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