Disseminated on behalf of SolarBank Corporation

$25.8M from Royal Bank of Canada is Powering the Future of Clean Energy

Big news in the world of clean energy! SolarBank (NASDAQ: SUUN) has started building its first-ever giant battery in Ontario.

Construction on the SFF-06 battery storage facility (which, in simple terms, is like a massive rechargeable battery for the electricity grid) commenced the week of February 10, 2025 in Cramahe, Ontario.

This is a game-changer because energy storage is becoming a huge deal as we move toward greener power.

And they’ve got some serious backing. Royal Bank of Canada (RBC) is putting up $25.8 million to help fund not just this project, but another one too (called Project 903). RBC clearly sees potential, as they’re acting as the main lender and financial partner on this.

The Team Making It Happen

SolarBank (NASDAQ: SUUN) isn’t messing around. They’ve hired Anvil Crawler Development Corp. to handle the heavy lifting when it comes to construction.

The price tag for their work? $1.85 million. Anvil Crawler is part of Skyline Group of Companies, an investment giant with $5.4 billion in managed assets, so they know their stuff when it comes to building smart, sustainable projects.

The project itself is owned by ProjectCo (officially called 1000234763 Ontario Inc.), which SolarBank has a stake in. They secured these assets through an $45 million valued acquisition of Solar Flow-Through Funds Ltd. in July 2024, adding a major energy storage play to their portfolio.

A 22-Year Money-Making Contract

One of the coolest things about this project? SolarBank (NASDAQ: SUUN) already has a deal in place to get paid for the power this battery will store once it is operational. Back in July 2023, they locked in a 22-year contract with Ontario’s electricity operator (IESO).

This contract provides a capacity payment of $1,221 per megawatt per business day (way above the average of $876/MW from the program). That means steady, predictable income for the long haul.

With 4.74 MW of capacity available for 251 business days per year, that adds up to some solid earnings.

Tax Perks Make It Even Better

As if the guaranteed income wasn’t enough, SolarBank (NASDAQ: SUUN) is also getting a tax break. Thanks to Canada’s Clean Technology Investment Tax Credit, they’ll be able to get up to 30% of their eligible costs reimbursed—making the financial side of things even sweeter.

Plus, they’re doing this the right way. SolarBank only owns 50% of the ProjectCo, with the other half belonging to a First Nations partnership.

That means local communities will directly benefit from the success of this project.

Of course, no big project is without its challenges. These projects still need final approvals or permits, and energy storage batteries naturally lose capacity over time as they get used. Plus, government energy policies can change, which could affect future financial projections.

That said, energy storage is one of the fastest-growing markets in the world.

The industry is set to hit $31.2 billion by 2029, growing at an insane 16.3% per year. SolarBank (NASDAQ: SUUN) is getting in at the perfect time.

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