UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For
the month of February, 2025.
Commission
File Number 001-41976
Solarbank
Corporation
(Translation of registrant’s name into English)
505
Consumers Rd., Suite 803
Toronto, Ontario, M2J 4Z2 Canada
(Address of principal executive office)
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☐ Form 40-F ☒
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) ☐
Indicate
by check mark if the registrant is “submitting” the Form 6-K in paper as permitted by Regulation S-T “Rule” 101(b)(7)
☒
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
| Date
February 4, 2025 |
Solarbank
Corporation |
| |
|
|
| |
By: |
/s/
Sam Sun |
| |
|
Sam
Sun |
| |
|
Chief
Financial Officer & Corporate Secretary |
Exhibit
Index
Exhibit
99.1
SolarBank
Announces Commencement of Construction of First
Battery Energy Storage Project (BESS) in Ontario
$25.8
Million Royal Bank of Canada Facility is being used to finance
construction of the 4.99 MW BESS Project
Toronto,
Ontario, February 4, 2025 — SolarBank Corporation (NASDAQ: SUUN; Cboe CA: SUNN, FSE: GY2) (“SolarBank” or the “Company”)
is pleased to announce that its first Battery Energy Storage System (“BESS”) project located in Ontario is expected
to commence construction during the week of February 10, 2025. The project is known as SFF-06 (the “Project”) and
is located in Cramahe, Ontario. The SFF-06 project is being financed through a combined loan for two projects (SFF-06 and 903) (“Loan”)
in a principal amount of $25.8 million from Royal Bank of Canada as Lender, Administrative and Collateral Agent and Green Loan Structuring
Agent (the “Lender” or “RBC”).
SolarBank
has selected Anvil Crawler Development Corp. (“Anvil Crawler”) to perform the civil and electrical work on the project
and awarded Anvil Crawler a contract with an expected value of $1.85 million to complete such work. Anvil Crawler is part of Skyline
Group of Companies (Skyline), a fully integrated asset acquisitions, management, development, and investment firm. With $5.4+ billion
(as of December 31, 2020) in assets under management, Skyline has been building strong, supportive, and sustainable Canadian communities
for 20+ years.
The
Project is owned by 1000234763 Ontario Inc. (“ProjectCo”) and ProjectCo is the borrower under the terms of the Loan.
The Project represent SolarBank’s initial foray into battery energy storage, a market forecast by Fortune Business Insights to
grow at a 16.3% compound annual growth rate from 2022 to reach US$31.2 billion by 20291. SolarBank’s interest in ProjectCo
was acquired as part of the $45 million valued acquisition of Solar Flow-Through Funds Ltd. that closed in July 2024.
In
July 2023, the Project was awarded a contract by the Independent Electricity System Operator (“IESO”) under the Expedited
Long-Term RFP (E-LT1 RFP). The contract, which has a term of 22 years, includes a fixed contract capacity payment of $1,221/MW per business
day, significantly above the weighted average price of $876/MW for all storage category projects under the E-LT1 RFP. This underscores
the competitive positioning of these projects in the Ontario energy storage market. The Company expects that once operational the Project
will have 4.74 MW of daily contract capacity available (at a capacity payment to ProjectCo of $1,221/MW per business day) for 251 business
days in a year.
Furthermore,
the Project is eligible for the Clean Technology Investment Tax Credit introduced in 2024. This refundable tax credit provides up to
30% reimbursement of eligible capital costs for new clean technology, significantly enhancing the economic returns of the projects. This
aligns with SolarBank’s commitment to leveraging government incentives to accelerate the transition to renewable energy while optimizing
financial performance.
The
Company has an indirect 50% interest in ProjectCo, with the remaining 50% held by a partnership formed by First Nations communities in
Ontario.
There
are several risks associated with the development of the Project. The development of any project is subject to required permits, the
continued availability of third-party financing arrangements for the Company, the risks associated with the construction of a battery
energy storage project and the degredation of battery storage capacity over time based on the number of discharge cycles. In addition,
governments may revise, reduce or eliminate incentives and policy support schemes for battery energy storage, 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.
1
https://www.fortunebusinessinsights.com/industry-reports/battery-energy-storage-market-100489
About
SolarBank Corporation
SolarBank
Corporation is an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects
in Canada and the USA. The Company develops solar, Battery Energy Storage System (BESS) and EV Charging projects that sell electricity
to utilities, commercial, industrial, municipal and residential off-takers. The Company maximizes returns via a diverse portfolio of
projects across multiple leading North America markets including projects with utilities, host off-takers, community solar, and virtual
net metering projects. The Company has a potential development pipeline of over one gigawatt and has developed renewable and clean energy
projects with a combined capacity of over 100 megawatts built. To learn more about SolarBank, please visit www.solarbankcorp.com.
FORWARD-LOOKING
STATEMENTS
This
news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation
(collectively, “forward-looking statements”) that relate to the Company’s current expectations and views of future
events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or
future events or performance (often, but not always, through the use of words or phrases such as “will likely result”,
“are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”,
“believes”, “estimated”, “intends”, “plans”, “forecast”, ”projection”,
“strategy”, “objective” and “outlook”) are not historical facts and may be forward-looking statements
and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from
those expressed in such forward-looking statements. In particular and without limitation, this news release contains forward-looking
statements pertaining to the Company’s expectations regarding its industry trends and overall market growth; the terms of the Loan;
the use of proceeds from the Loan and draw downs under the Loan; the Company’s growth strategies the expected energy production
from the Project mentioned in this press release; the timeline for construction of the Project; the receipt of permits and financing
to be able to construct the Projects; the receipt of incentives for the Project; and the size of the Company’s development pipeline.
No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in
this news release should not be unduly relied upon. These statements speak only as of the date of this news release.
Forward-looking
statements are based on certain assumptions and analyses made by the Company in light of the experience and perception of historical
trends, current conditions and expected future developments and other factors it believes are appropriate, and are subject to risks and
uncertainties. In making the forward looking statements included in this news release, the Company has made various material assumptions,
including but not limited to: obtaining the necessary regulatory approvals; that regulatory requirements will be maintained; general
business and economic conditions; the Company’s ability to successfully execute its plans and intentions; the availability of financing
on reasonable terms; the Company’s ability to attract and retain skilled staff; market competition; the products and services offered
by the Company’s competitors; that the Company’s current good relationships with its service providers and other third parties
will be maintained; and government subsidies and funding for renewable energy will continue as currently contemplated. Although the Company
believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and the Company cannot assure
that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties and assumptions, investors
should not place undue reliance on these forward-looking statements.
Whether
actual results, performance or achievements will conform to the Company’s expectations and predictions is subject to a number of
known and unknown risks, uncertainties, assumptions and other factors, including those listed under “Forward-Looking Statements”
and “Risk Factors” in the Company’s most recently completed Annual Information Form, and other public filings
of the Company, which include: the Company may be adversely affected by volatile solar power market and industry conditions; the execution
of the Company’s growth strategy depends upon the continued availability of third-party financing arrangements; the Company’s
future success depends partly on its ability to expand the pipeline of its energy business in several key markets; governments may revise,
reduce or eliminate incentives and policy support schemes for solar and battery storage power; general global economic conditions may
have an adverse impact on our operating performance and results of operations; the Company’s project development and construction
activities may not be successful; developing and operating solar projects exposes the Company to various risks; the Company faces a number
of risks involving Power Purchase Agreements (“PPAs”) and project-level financing arrangements; any changes to the laws,
regulations and policies that the Company is subject to may present technical, regulatory and economic barriers to the purchase and use
of solar power; the markets in which the Company competes are highly competitive and evolving quickly; an anti-circumvention investigation
could adversely affect the Company by potentially raising the prices of key supplies for the construction of solar power projects; foreign
exchange rate fluctuations; a change in the Company’s effective tax rate can have a significant adverse impact on its business;
seasonal variations in demand linked to construction cycles and weather conditions may influence the Company’s results of operations;
the Company may be unable to generate sufficient cash flows or have access to external financing; the Company may incur substantial additional
indebtedness in the future; the Company is subject to risks from supply chain issues; risks related to inflation; unexpected warranty
expenses that may not be adequately covered by the Company’s insurance policies; if the Company is unable to attract and retain
key personnel, it may not be able to compete effectively in the renewable energy market; there are a limited number of purchasers of
utility-scale quantities of electricity; compliance with environmental laws and regulations can be expensive; corporate responsibility
may adversely impose additional costs; the future impact of any resurgence of COVID-19 on the Company is unknown at this time; the Company
has limited insurance coverage; the Company will be reliant on information technology systems and may be subject to damaging cyberattacks;
the Company may become subject to litigation; there is no guarantee on how the Company will use its available funds; the Company will
continue to sell securities for cash to fund operations, capital expansion, mergers and acquisitions that will dilute the current shareholders;
and future dilution as a result of financings.
The
Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the
Company to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors,
may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements
contained in this news release are expressly qualified in their entirety by this cautionary statement.
For
further information, please contact:
SolarBank
Corporation
Tracy
Zheng
Email:
tracy.zheng@solarbankcorp.com
Phone:
416.494.9559
CoreIR
Investor Relations
Peter
Seltzberg
Email:
peters@coreir.com
Phone:
516.222.2560
SolarBank (NASDAQ:SUUN)
과거 데이터 주식 차트
부터 2월(2) 2025 으로 3월(3) 2025
SolarBank (NASDAQ:SUUN)
과거 데이터 주식 차트
부터 3월(3) 2024 으로 3월(3) 2025
