SolarBank Corporation (NASDAQ: SUUN; Cboe CA: SUNN, FSE: GY2) (“SolarBank” or the “Company”), the North American energy developer, plans to expand its community solar portfolio once again. It’s building a 2.4 MW ground-mounted solar power project, owned by AI Renewable Flow-Through Fund (“AI Renewable”), called the Sydney Project in Nova Scotia, marking a major step into Canada’s clean energy market.

Dr. Richard Lu, President and CEO of SolarBank, said,

“This project underscores SolarBank’s significant expertise and strategic vision in helping to drive Canada’s renewable energy transformation. With a proven track record of over a decade in community solar, commercial, and industrial projects, we’re proud to provide solutions on Nova Scotia’s ambitious renewable energy transition to deliver meaningful value for stakeholders and communities alike.”

The Sydney Project: Clean Solar Power, Clear Skies, and Community Impact

SolarBank will lead the Sydney Project’s development and construction, worth $4.57 million, while AI Renewable (a third party) will own it. Trimac Engineering, a trusted local firm, will provide engineering services. This partnership boosts SolarBank’s presence in Atlantic Canada and builds local capacity.

Permits for the project are secured, and the grid interconnection process is ongoing. Construction is set to begin in spring 2026. Once finished, the project will generate clean energy and offer long-term returns through operations and maintenance contracts.

Beyond energy savings, the Sydney Project is expected to create local construction jobs and boost economic activity. Its $4.57 million investment will benefit engineers, contractors, and suppliers within the community.

It will also save local residents over $1.36 million in electricity costs throughout its life. These savings will benefit households and small businesses directly.

Boosting Nova Scotia’s Net-Zero Goals

The Sydney Project will produce about 2,730 megawatt-hours (MWh) of clean electricity, powering 221 annually.

• It will remove ~ 1,900 tons of carbon dioxide emissions each year, which is removing about 415 cars from the road.

Moreover, the project supports Nova Scotia’s climate goals. The province aims for 80% renewable energy by 2030 and net-zero carbon emissions by 2035. This project boosts this goal by providing clean energy to the local grid. This helps reduce reliance on fossil fuels and strengthens local energy security.

Challenges Remain, But the Outlook Is Strong

Despite its strong position, SolarBank recognizes that risks exist. The company highlighted that project development relies on three key factors: final grid connection approval, necessary permits, and ongoing government support. Delays in construction or changes to incentive policies could impact future returns.

The availability of third-party financing is also a key factor. However, SolarBank’s experience, technical skills, and growing pipeline suggest it is well-prepared to tackle these challenges.

SolarBank’s Community Solar Revolution

• As per SEIA’s latest Solar Market Insight Report, the community solar segment installed 244 MWdc in Q1 2025 in the U.S.

SolarBank has developed over 100 MW of renewable energy projects in North America and has a pipeline of more than 1 gigawatt.

• In the U.S., the company completed over 50 MW of community solar installations. Now, it applies that experience to the Canadian market, where demand for clean energy is rising.

SolarBank’s portfolio includes community solar, utility-scale systems, virtual net metering projects, and behind-the-meter installations. This variety keeps the company agile, maximizes returns, and fosters low-risk, high-reward partnerships.

Notably, the Sydney Project is SolarBank’s second community solar initiative in Nova Scotia. Unlike rooftop solar, community solar allows renters, homeowners, and businesses to subscribe to a local solar farm. In return, they get bill credits and energy savings, without needing to install any equipment.

This model makes clean energy accessible, especially for those who can’t install solar panels due to cost, location, or roof limitations. So, in Nova Scotia, subscribers can save about $0.02 per kilowatt-hour on their energy bills by joining the program.

Government Incentives Strengthen Project Viability

Nova Scotia has a strong support of Canadian government support which is why it is becoming a hub for community solar. Federal and provincial programs—like the Smart Renewables and Electrification Pathways Program (SREPs), the Indigenous-Led Clean Energy Stream, and the Low Carbon Communities initiative offer financial and regulatory support.

These incentives make solar development more affordable and encourage clean energy innovation. The Sydney Project is one of four community solar contracts awarded in the province to date, giving it a first-mover advantage in a high-growth market.

Minimizing Risk Through Strategic Partnerships

SolarBank created this project to balance rewards and lower risks. As the Engineering, Procurement, and Construction (EPC) contractor, the company adds value at each phase while keeping upfront costs low. Partnering with the AI Renewable provides a solid and scalable financial structure.

This strategy allows SolarBank to stay competitive in today’s changing energy market. It also supports the company’s mission of developing long-term assets for recurring revenue.

Is Solar Sector on the Rebound? SolarBank’s Stock Suggests So

Investors are taking notice. On June 16, SolarBank’s stock (NASDAQ: SUUN) rose following its announcement of the Sydney project. This rise followed strong interest in renewables and signals growing optimism about the clean energy sector.

• As per NASDAQ, as of June 16, 2025, SUUN closed at $1.82, up from $1.415 on June 13, with notable trading volumes.

Growing Faith in Solar’s Future

SolarBank’s recent recovery shows increasing confidence in the solar industry’s future. This is because of solid project pipelines, new financial strategies, and supportive policies. Although challenges remain, the overall outlook is positive, with more growth and opportunities ahead for solar companies and their investors.

Interestingly, it recently introduced a model that converts net cash from its solar projects into Bitcoin. This approach generates renewable energy while transforming sunlight into digital gold, appealing to tech-savvy investors.

With the Sydney Project, SolarBank strengthens its role as a leader in clean energy. It brings together community impact, smart financing, and proven expertise. This approach delivers results in one of Canada’s top solar markets. In short, the company’s growth, market position, and vision make it one to watch in the coming months.

There are several risks associated with the development of the projects detailed in this report. The development of any project is subject to the continued availability of third-party financing arrangements for the project owners and the risks associated with the construction of a solar power project. There is no certainty the projects disclosed in this report will be completed on schedule or that they will operate in accordance with their design capacity. 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” in the press release entitled “SolarBank Advances Nova Scotia’s Clean Energy Transformation with 2.4 MW Sydney Project in Canada – SolarBank Corporation” for additional discussion of the assumptions and risk factors associated with the statements in this report.

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