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The Future’s Bright in Brooklyn: SolarBank Lights Up Nova Scotia

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May 29, 2025
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The Future’s Bright in Brooklyn:
SolarBank Lights Up Nova Scotia

SolarBank’s 6.9 MW Community Solar Project Signals a Bright Future for Clean Energy in Nova Scotia

Disseminated on behalf of SolarBank Corporation

SolarBank Corporation just lifted the curtain on a sparkling new 6.9 MW community-solar garden for Brooklyn, Annapolis County, and it has “affordable clean power” written all over it.

Once the array is switched on, hundreds of households will draw greener electricity, and Nova Scotia will inch closer to its heavy-hitting climate targets.


Project Highlights and Impact

  • Size & Capacity – A 6.9 MW dc (about 4.8 MW ac) ground-mount solar array, large enough to rank among Atlantic Canada’s biggest community gardens.
  • Location – Brooklyn in Annapolis County, an open stretch of land that scores well on Nova Scotia’s sun-hour charts.
  • Ownership & Development – AI Renewable Fund owns the asset. SolarBank will develop, engineer, procure, and construct it, teaming up with local player TriMac Engineering (Sydney, NS) to blend national horsepower with hometown know-how.
  • Investment – Roughly $13.9 million in total capital. The province has kicked in about $960,000, a clear public thumbs-up for community solar.
  • Timeline – Permits and grid-tie studies are in motion through 2025. Shovels hit the ground in spring 2026, and first electrons are targeted for summer 2026, keeping pace with Nova Scotia’s 2026 community-solar rollout goal.
  • Expected Benefits – Once live, the array’s nearly 5 MW ac output should cover the annual needs of about 900 homes. Subscribers will collect bill credits worth about two cents per kilowatt-hour on the solar slice of their usage. Beyond cheaper power, the project trims greenhouse-gas emissions by swapping out fossil generation and sparks local jobs throughout construction.

“As the project developer, we are excited to work alongside our local partner and the province’s dedicated team to help bring clean, affordable energy to communities across Nova Scotia,” said Richard Lu, President and CEO of SolarBank.

With more than a decade of solar builds and recently battery-storage installs, under its belt, SolarBank is perfectly placed to steer the Brooklyn array from blueprint to bright, bill-slashing reality—delivering wins for both investors and the community.


Nova Scotia’s First-of-Its-Kind Community Solar Program

The Brooklyn array isn’t a lone ranger. It’s riding inside Nova Scotia’s Community Solar Program (CSP), launched in 2024 as Canada’s very first province-wide community-solar framework. The CSP’s mission is straight-up: widen access to renewables and hit the province’s aggressive climate milestones. Here’s how it works.

  • Clean Energy Targets: The CSP backs Nova Scotia’s law that calls for 80 percent renewable electricity by 2030 and a net-zero grid by 2035.

    To reach those marks, the program will thread up to 100 MW of fresh solar into the wires, shrinking the province’s need for coal and other fossil fuels. (For context, one MW of solar can supply about 100 to 130 homes in a year, so a 100-MW build could light up tens of thousands of households.)

    That capacity matters as Nova Scotia shuts down coal plants by 2030 and leans harder on wind, solar, and hydro to cut emissions.

  • Subscription-Based Solar Gardens: Instead of mounting panels on your own roof, you can buy a slice of a shared solar garden and earn credits for the electricity it produces.

    The garden’s clean power flows straight into the grid, and every subscriber—renter, homeowner, or business—sees a matching credit on their Nova Scotia Power bill.

    Current rules trim about two cents per kilowatt-hour off the solar share of a subscriber’s bill. The setup opens solar access to people who cannot host panels themselves, such as renters, condo dwellers, or anyone with a shaded roof, spreading the perks of renewable power far and wide.

  • Project Eligibility and Scale: In Nova Scotia, community-solar gardens can be anywhere between 0.5 MW AC and 10 MW AC. They may be developed by local businesses, non-profits, co-operatives, First Nations, or municipalities, usually teaming up with seasoned solar developers.

    At 6.9 MW DC (about 4.8 MW AC), the Brooklyn project lands near the top of that bracket, squeezing full efficiency out of its scale while staying inside program limits. Every garden must first win a Community Solar Program contract from the province, the go-ahead that lets it sell subscriptions and connect to the grid.

    In the inaugural 2024 procurement round the province handed out just three contracts, totaling roughly 7.05 MW AC. AI Renewable Fund, working with SolarBank, captured two of those three contracts, about 6.5 MW AC combined, drawing on SolarBank’s development know-how.

    The very first CSP installation to switch on was a 555 kW array at Pine Tree Park Estates in Sydney, energized in late 2024 and now serving 29 subscribers in a non-profit housing community. Brooklyn and several other sites currently in design form the program’s next, far larger wave and are slated to power up in 2026.

  • Community and Economic Benefits: Besides cheaper power for subscribers, the CSP is built to spark local economic growth. Putting up a solar garden calls for builders, electricians, and engineers, and many of those roles go to regional firms such as TriMac Engineering.

    The framework also encourages community or joint ownership, letting local organizations earn revenue from the clean energy they create. That keeps financial returns in the province and builds home-grown expertise in the renewables sector.

    At the program launch, the Minister of Natural Resources and Renewables called community solar a win-win, trimming utility costs and emissions while giving communities a direct hand in climate action.

Nova Scotia’s Community Solar Program is a trailblazer on Canada’s clean-energy map. Borrowing lessons from community-solar wins in the United States and beyond, the province has tailored the model to match its own policies and regulations.

By inviting everyday residents, small businesses and community groups to buy into shared arrays, the program lowers grid emissions while putting the power transition directly in people’s hands.


Clean Energy Goals: Nova Scotia and Canada in 2025

The Brooklyn Project solar array lands right when Nova Scotia and Canada are cranking up the pace on clean power. Ambitious targets are on the books, progress is real, and the heavy lifting is far from finished.

Nova Scotia’s Climate Targets – The province has some of the boldest electricity rules in the country. Under the 2021 Environmental Goals and Climate Change Reduction Act, Nova Scotia must shut down coal plants by 2030 and pull 80 percent of its electricity from renewables in that same year. That is a sharp pivot for a system that still leaned on coal for roughly 55 percent of generation in 2021.

The tide is starting to turn: wind farms, imported hydro, and other measures pushed renewables to about 42.5 percent in 2023. Getting to 80 percent means doubling down on wind, solar, and battery storage while beefing up the grid to carry all that clean power. The Community Solar Program’s 100 MW solar target is one puzzle piece, alongside large wind projects and the Atlantic Loop transmission plan that would tap hydro from Québec and Newfoundland. By 2035 the province wants to hit net-zero electricity, lining up with federal goals and putting Nova Scotia in the clean-power spotlight.

Canada’s National Push for Renewables: Ottawa has the throttle wide-open. By 2035 every kilowatt-hour on the national grid must be net-zero, a stepping-stone toward an economy-wide net-zero finish line in 2050.

The federal playbook is stacked: a Clean Electricity Regulation is on the way to drive unabated fossil plants off the stage, and since 2023 the Clean Technology Investment Tax Credit has dangled a 30 percent refundable credit on capital spent in renewable projects, turning solar and wind into headline investment deals. Layer in carbon pricing and coal-phase-out rules, and provinces suddenly have plenty of reasons to dial up their clean-energy orders.

Canada already owns one of the world’s cleaner grids, thanks to heavyweight hydro dams and nuclear units in a few provinces, yet solar and wind are now racing forward.

Solar was once a footnote, but not anymore: developers lifted about 314 MW of new PV in 2024, nudging the national total past 5 GW. Utility-scale arrays are sprouting across the Prairies, with Alberta and Saskatchewan leading the charge, and they are pushing east into Ontario and Québec as costs slide, and climate policy tightens.

Ottawa’s latest investment programs promise at least 2 GW of fresh solar and wind in the next few years, setting the stage for the next growth spurt.

Nova Scotia’s Role: Nova Scotia is putting its own stamp on the story by championing community solar. While most Canadian renewables still come from massive hydro dams and utility-scale wind farms, the province’s distributed model hands the energy transition to neighborhoods, co-ops, and small investors.

If the Community Solar Program drops dozens of megawatts of locally driven projects onto the grid, expect copy-cat schemes to pop up in other provinces. The approach also solves a local puzzle: with no giant hydro or nuclear fleet to lean on once coal retires, Nova Scotia needs both community-scale and utility-scale solar, plus wind, to nail its 80 percent renewables target for 2030 and its net-zero electricity goal for 2035.


A Surge in Solar Momentum – Nationally and Globally

The Brooklyn announcement lands just as solar power is hitting full stride worldwide. Late May 2025 feels like high noon for the industry, with headline after headline showing governments and boardrooms piling into photovoltaics.

  • Record Global Solar Growth: In 2024 the world fast-tracked almost 600 GW of new solar capacity, a 33 percent jump from the year before. That single-year haul is nearly twice the total nameplate capacity of every power plant in Canada.

    Solar captured roughly 80 percent of all new generation built last year, leaving wind, gas and every other source in its wake. China led the surge, adding more than half of those watts, but the United States, India, Europe and others kept the cranes busy too. Panels now deliver some of the cheapest electricity in history, so countries are making them the backbone of their climate playbooks.

    Hold this pace and analysts say the planet will clear 2 TW of installed solar within a couple of years, racing toward about 7 TW by 2030. In that context the Brooklyn Project 6.9 MW garden may be modest, but it is one bright tile in a rapidly spreading clean-energy mosaic.

  • Government Policies Fueling Solar: In the United States New York’s 2023 clean-energy solicitation locked in 6.4 GW of fresh solar and wind capacity, the biggest state-level renewable procurement in American history. Across the Atlantic and in India, governments have rolled out or expanded their own incentives and targets to keep panels popping up at record speed.

    Canada is in the mix too. A federal 30 percent refundable investment tax credit plus a forthcoming Clean Electricity Standard have made the solar math look better than ever. Nova Scotia’s Community Solar Program shows policy in action: the province carved out a clear framework, kicked in seed funding, and suddenly companies like SolarBank and AI Renewable Fund can pencil out projects that would have been non-starters before.

    The province even earmarked nearly 5.2 million dollars in grants for 2024-25 to jump-start solar gardens, betting that more than 200 million dollars in private investment will follow. When public money and clear rules show up first, solar developers race in right behind them.

  • Corporate Investment in Solar: Governments may set the rules, but corporate heavyweights are writing some of the biggest checks. Across North America, tech titans and retail giants have become top-tier solar buyers, eager to hit sustainability targets and lock in predictable power bills.

    By early 2024, Meta, Amazon, Google, Apple and Walmart together had lined up close to 40 GW of solar capacity through power-purchase agreements or direct ownership. Their appetite alone is driving a steady rollout of new utility-scale farms and proving that solar delivers at grid prices investors like. North of the border, corporate procurement is catching fire too, especially in Alberta’s deregulated market where companies can contract energy straight from new solar projects.

    The finance world is flowing right behind them. Green bonds, clean-energy funds and infrastructure investors are steering record capital into PV ventures. AI Renewable Fund’s stake in the Brooklyn project is a textbook case, treating community-scale solar as a solid asset that throws off steady cash.

    With pension funds, private equity and even retail buyers piling into clean-energy ETFs and green bonds, solar has moved from niche tech to mainstream investment class.

  • Community Solar on the Rise: Community solar is having a moment, and Nova Scotia is jumping in right as the model proves itself elsewhere.

    By mid-2024 the United States had stacked up about 7.8 GW of community-solar capacity across 41 states, a meteoric climb over the past decade. Flagship programs in New York, Minnesota, Massachusetts, and Illinois let residents buy a slice of a local solar farm and pocket bill credits… the same play Nova Scotia is running now.

    The idea is spreading overseas too: new EU directives are birthing “energy communities” that let neighborhoods or co-ops generate renewable power and share the spoils.

    All of this momentum signals a big pivot toward decentralized energy, where more juice comes from the block next door instead of a far-off mega-plant. Nova Scotia’s program sits at the front of that wave in Canada, and if it hits its stride, other provinces are likely to copy the blueprint and blow open solar access nationwide.

All these trends – robust policy support, corporate sustainability drives, community-level initiatives, and record-breaking installation rates – feed into an optimistic outlook for solar energy.

SolarBank’s Brooklyn project is a case in point of how these global and national currents manifest in a local project that benefits citizens and aligns with climate goals.


SolarBank’s Role and Track Record in the Solar Industry

For SolarBank Corporation, the Nova Scotia project is anything but a one-off; it fits neatly into a portfolio that is scaling fast. SolarBank (NASDAQ: SUUN) develops distributed and community-solar projects across Canada and the United States, handling the entire process from scouting land and securing permits to lining up capital and running the arrays.

Its customer list is equally broad: utilities that want clean electrons, commercial and industrial buyers trimming carbon, municipalities chasing lower power bills, and neighborhood groups subscribing to shared gardens.

So far, the company has delivered more than 100 MW of solar capacity, spanning community farms and commercial rooftops, and it is nurturing a development pipeline north of 1 GW across North America.

In 2024 alone SolarBank rolled out several headline ventures that underline both its know-how and its credibility:

  • $41 million USD Honeywell contract. SolarBank locked in a $41 million USD EPC deal with Honeywell to build three community-solar sites in the United States, all now mechanically complete. SolarBank will run operations and maintenance to keep the arrays humming, and landing a blue-chip client like Honeywell shows it can deliver large projects on time and to spec.
  • Public-market lift and fresh capital. The company listed on the Nasdaq Global Market in late 2023, with a dual berth on Cboe Canada, giving it a pipeline to deeper capital pools and a wider investor crowd.
  • Aggressive growth plays. SolarBank snapped up Solar Flow-Through Funds in 2024, adding a bundle of Canadian solar assets. It is also pushing into hybrids like solar-plus-storage and supplying clean power to data centers. The diversified approach means the company is not tied to one market or technology and can chase opportunities across the clean-energy spectrum.

SolarBank’s hands-on experience with community solar is a big win for the Brooklyn build. These projects bring their own puzzles: juggling subscriber sign-ups, rallying local support, and clearing interconnection hoops that are far tighter than on a typical utility-scale farm. SolarBank has spent more than a decade solving those puzzles across North America, including in tricky markets such as New York State.

The Nova Scotia government even pointed to that track record when it awarded AI Renewable Fund two of the three contracts in the province’s first Community Solar Program round, noting that SolarBank’s development know-how helped push the bids over the line.

In short, the company has already shown it can compete and deliver under a brand-new rulebook.

Investors should see SolarBank’s role in Nova Scotia as a green flag. The company is stepping into a fresh region – Atlantic Canada – and locking in projects backed by a stable, program-based framework.

Community solar revenue usually flows from long-term subscriber agreements and utility bill credits, which means steady cash once the array is live. Government support, such as Nova Scotia’s construction grant, and a committed off-taker in Nova Scotia Power help shave off risk. SolarBank pockets development fees up front and can tap ongoing income if it keeps an ownership slice or runs operations and maintenance.

With a project pipeline north of 1 GW, each win like Brooklyn nudges more megawatts from paper to construction and revenue. No wonder analysts have tagged SolarBank as a “solar stock to watch in 2025,” citing its strategic deals and fast-expanding footprint.

SolarBank’s partner-first strategy lets it punch well above its weight. By teaming with local engineering firms, investment funds and corporate off-takers, the company brings its technical muscle without parking all the capital on its own balance sheet. The Nova Scotia alliance with AI Renewable Fund is a textbook example: SolarBank supplies the know-how, AI puts up most of the money, and the project moves ahead faster and with less balance-sheet strain.

The same plug-and-play model lets SolarBank jump into fresh community-solar openings across Canada and the United States, working with financiers and community groups instead of raising every dollar itself. Investors like that flexibility because it points to a larger pipeline and risk spread across more assets.

Put simply, the Brooklyn garden shows SolarBank doing what it does best: turning policy tailwinds and market demand into steel, glass and megawatts. The win thickens the company’s résumé, lifts its industry profile and could unlock more contracts when other provinces roll out community-solar programs. For shareholders, it reinforces SolarBank’s case as a front-runner in community and distributed solar, a segment primed for rapid growth across North America.


Navigating Challenges and Looking Ahead

The runway looks clear, yet the Brooklyn community-solar farm still has a few speed bumps between now and its 2026 switch-on. SolarBank and its partners must steer through each hurdle, but their track record and Nova Scotia’s favorable policy climate put the odds in their favor. Key pressure points include:

  • Regulatory and permitting approvals: Before any ground-breaking, the team must secure every permit: environmental reviews, building clearances, and an interconnection agreement with Nova Scotia Power.

    The utility needs to confirm the local feeder can absorb roughly 5 MW AC of new solar, so delays in grid studies or upgrades could stall progress. SolarBank marks these approvals as critical milestones and knows nothing is automatic. The province’s clear backing, including co-funding, suggests a cooperative process.

    With a site lease already in hand and engineering studies running through 2025, tight coordination with Nova Scotia Power and regulators will be crucial to keep the 2026 target intact.

  • Financing and cost management: The build will cost about 13.9 million dollars, largely financed by AI Renewable Fund, possibly blended with project debt.

    Shifts in interest rates or tighter credit could squeeze returns, but community solar usually attracts infrastructure investors seeking predictable cash flow, and AI Renewable Fund’s commitment shows the financing base is solid. A 960-thousand-dollar provincial grant trims the capital load.

    SolarBank still needs to lock in panels and gear at favorable prices; module costs have swung in recent years, although the broader trend points down. With several projects under its belt, the company can leverage bulk-buying power and supplier relationships to stay on budget.

  • Policy and incentive stability: Renewable builds live and die by supportive rules. Nova Scotia is solidly behind the Community Solar Program right now and is even kicking in cash, but a future government could tinker with the two-cent-per-kilowatt-hour bill credit or net-metering terms and dent subscriber savings. SolarBank flags that exact risk in its disclosures.

    Federal shifts matter too. A change in the Investment Tax Credit or new trade tariffs could ripple through project costs and returns. The good news is that Canada has locked climate targets into law and the policy wind is generally blowing in favor of more clean-energy support, not less, so a sharp rollback looks unlikely.

  • Construction and operational risks: Nova Scotia’s weather sets the calendar. Heavy work needs to start in spring 2026 to dodge winter ground freeze and snow. Like any build, surprises can spark delays or overruns, from labor gaps to late deliveries. Once the array is running, output must hit the forecast, which means keeping downtime low and clearing snow off panels fast. SolarBank’s ten-plus years of field experience and the relatively simple nature of photovoltaic construction cut much of this risk. Community relations are part of the job too.

    The same locals who will subscribe to the garden expect clear communication, minimal disruption and the savings they were promised. Maintaining that trust is critical for smooth operations.

Optimism still outweighs obstacles. Strong policy backing, public funding, experienced developers, and enthusiastic communities give Brooklyn a rock-solid launchpad. With a guaranteed off-taker through the Community Solar Program and firm political support, many classic market risks are already dialed down.

Brooklyn’s momentum hints at a bigger shift for Canada. If Nova Scotia’s first gardens hit production targets and deliver the promised bill savings, confidence in community solar will soar. The province could lift its 100 MW cap, and other regions may follow its lead. Ontario and British Columbia, both heavy on urban renters, are obvious candidates to copy the model. Even Alberta, famous for utility-scale projects in a deregulated market, could introduce a subscription framework that lets residents buy into solar gardens.

For SolarBank and its peers, early entry translates into a wider project pipeline as more provinces open this niche. South of the border, state programs are pushing community solar higher every quarter, giving SolarBank additional avenues to deploy capital and expertise through its dual-country footprint.

Retail and institutional investors alike can tap into this growth story, whether by backing individual community-solar assets or by taking positions in developers such as SolarBank that are carving out national leadership in the segment.

  • Stable, Long-Term Returns: Community solar farms typically operate under long-term arrangements (often 20-year+ subscriber agreements or utility tariffs).

    This can yield a steady revenue stream once the project is live. Institutional investors such as renewable energy yields, green infrastructure funds, or even pension funds may find these projects attractive for their portfolios due to the predictable cash flows.

    The involvement of AI Renewable Fund is a case in point – it sees the value in owning community solar assets that will generate revenue from electricity sales and subscriber fees over decades. As more projects come online, there may be opportunities for bundling and securitizing these cash flows (for example, via green bonds or investment trusts focused on community solar).

  • Retail Investor Access: While individuals can’t usually invest directly in a single community solar farm’s profit, they can benefit by subscribing (saving on their power bills) or by investing in companies that develop these projects.

    SolarBank, now a publicly traded company, gives stock investors a way to gain exposure to the community solar and distributed generation sector. Its growth could translate into stock performance if the company successfully executes its pipeline.

    In any case, the broader clean energy transition opens up many investment channels, from purchasing shares of renewable developers, to participating in green crowdfunding, to simply reallocating personal investments into ESG (Environmental, Social, Governance) funds that prioritize clean energy assets.

  • Economic Development and Job Creation: Investors are also stakeholders in the sense of community and economic growth. Projects like Brooklyn will create jobs for electricians, engineers, technicians, and ongoing maintenance roles. This fosters a local clean energy economy.

    As an investor or community member, seeing tangible benefits – job creation, local skill development, reduced emissions – can be part of the value proposition, not just the financial returns. This is especially relevant for impact investors or those with dual mandates of profit and social good.

A decade ago the notion that a rural pocket of Nova Scotia could host a nearly 7 MW solar garden, financed by a private renewable fund, built by a publicly traded Canadian clean-energy firm, and subscribed to by local residents under climate-driven policy, would have sounded like science fiction.

Today it is on the calendar and shows how quickly the energy transition is shifting from dream to hardware.

If everything stays on schedule, panels in Brooklyn will be soaking up sunshine in 2026. Hundreds of households and small businesses will open their power bills to see credits trimming costs, all without mounting a single module on their own rooftops.

Those subscribers will be part of a community solution to climate change and will likely spread the word about the savings and pride that come with it. Nova Scotia edges closer to its goal of 80 percent renewable electricity by 2030. SolarBank adds another successful project to its résumé. Canada gains a proof-of-concept that other provinces can replicate.

Community solar will not, on its own, solve climate change or reach every Canadian meter, yet it fills a crucial slot in the clean-energy puzzle by matching modern technology with grassroots participation. The Brooklyn announcement is more than a routine press release; it is a snapshot of how governments, private capital, and local communities can build a cleaner grid together.

The mood is rightly bullish. Hurdles will be cleared, lessons logged, and momentum should only rise from here. For investors tracking the clean-energy wave, Brooklyn is a bright signal that the solar surge is real and expanding into new territory.

This report contains forward-looking information. Please refer to the SolarBank press release entitled “6.9 MW Brooklyn Project in Development by SolarBank in Nova Scotia, Canada” for details of the information, risks and assumptions


 

 

 

 

 

 

 

Sources:

  1. SolarBank Corp. News Release – “6.9 MW Brooklyn Project in Development by SolarBank in Nova Scotia, Canada”, May 27, 2025.
  2. SolarBank Corp. news release (April 26, 2024) – “31 MW Solar Sites in Nova Scotia to be Developed by SolarBank.”

  3. Government of Nova Scotia – “Canada’s First Project in Subscription-Based Community Solar Garden Program to Launch in Cape Breton,” Oct 17, 2024.
  4. Government of Nova Scotia – “New Solar Garden Coming to Annapolis County (Brooklyn Road),” May 5, 2025.
  5. Nova Scotia Department of Natural Resources & Renewables – “Community Solar Program” (program description and guide).
  6. Canada Energy Regulator – Provincial Profile: Nova Scotia Electricity (2023 data on generation mix).
  7. PV Magazine – “Hydro-Quebec shares 300 MW solar tender details,” May 23, 2025 (Canadian solar installation stats).
  8. ZeroCarbonAcademy – “Almost 600 GW of solar capacity added in 2024 – a landmark year,” May 13, 2025 (SolarPower Europe report).
  9. Medium (Michigan News) – “Renewable Energy Investment Soars…Next 5 Years,” Mar 2025 (on corporate and community solar trends).
  10. com – “Top 4 Solar Stocks to Watch in 2025… (SUUN),” Jan 2025 (analysis of SolarBank).
  11. S. SEIA (Solar Energy Industries Association) – Solar Industry Research Data 2024 (industry trends).

 

 

 

 


 

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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