900 Homes Expected to be Powered by this Community Solar Project
SolarBank Corporation is pleased to provide an update on its plans to develop a ground-mount solar power project known as the Brooklyn project (the “Project”) totalling 6.9 MW DC located in Nova Scotia. The Project is owned by AI Renewable Fund and SolarBank is the developer and builder for the projects at a total estimated cost of with a total cost of $13.9M. SolarBank will partner with local Nova Scotia firm, Trimac Engineering, to deliver the Project.
“As the project developer, we are excited to work alongside our local partner Trimac Engineering 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 over a decade of proven experience in solar development and operations—including community solar, commercial and industrial installations, and other government-led initiatives—SolarBank brings the expertise needed to the successful implementation of Nova Scotia’s Community Solar projects.”
The Project is being developed under the Nova Scotia Community Solar Program (CSP), the first CSP in Canada, supporting Nova Scotia’s commitment to 80% renewable energy by 2030 and reaching net-zero by 2035. The program aims to add 100 MW of solar generation to the grid to help reduce reliance on fossil fuels, mitigate climate change and foster local economic growth. The clean energy generated by community solar projects feeds directly into the local electricity grid. Depending on the size and number of panels a community solar project has, renters, and business or homeowners can earn credits on their electric bill and save $0.02/kWh from the electricity that is generated by a project. So far, the NS CSP has only granted three CSP Contracts, totalling 7.05MW AC. AI Renewable won two Contracts, size of 6.5MW AC, as a result of the Company’s solar development expertise.
By subscribing to a project, community members can access the benefits of renewable energy without having to install panels on their building or land. With a secured site lease in place, the Company will continue to work to complete the permitting process of the Project. For the rest of 2025, the Company will complete the interconnection project with Nova Scotia Power Inc., lead in-depth engineering studies, and complete the solar design. Construction is expected to begin in Spring of 2026, followed by completion in the Summer of 2026.
There are several risks associated with the development of the Project. 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. Please refer to “Forward-Looking Statements” for additional discussion of the assumptions and risk factors associated with the Projects and statements made in this press release.
The Company also announces a shares for services arrangement with an arm’s length third party advisor (the “Advisor”), pursuant to which the Company will issue common shares of the Company in satisfaction of ongoing advisory services (the “Services”) provided by Advisor (the “Shares for Services”) pursuant to an agreement entered into on June 10, 2022 (the “Agreement”).
Under the Agreement, the deemed price of the common shares to be issued is to be calculated using the closing price of the Company’s common shares on the last trading day of each calendar month for the Services provided during such month. The monthly dollar value of common shares issuable is $35,000 USD. The Advisor also receives $35,000 USD in cash compensation per month. Subject to the attainment of certain financial milestones, the value of each of the cash and share consideration could increase to $100,000 USD per month. The Agreement has a remaining term of two years and 11 months, provided that it will automatically renew for subsequent one year terms. During any renewal term, the Agreement may be terminated on 60 days prior written notice.
The services provided by the Advisor include introductions to strategic relationships, business development services, assistance with recruiting personnel, assistance with public relations, providing advice on financial and corporate strategy and advisory services related to potential corporate transactions. The Company has also agreed to reimburse the Advisor for all reasonable out of pocket costs, charges and expenses, including travel incurred in the performance of the Services.
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