Solarbank Corp. ( (TSE:SUNN) ) has shared an update.
SolarBank Corporation has announced a significant project financing agreement with CIM Group to fund 97 MW of solar power projects in the United States, valued at up to US$100 million. This strategic move is expected to bolster SolarBank’s growth as an independent power producer, allowing it to retain majority ownership in 21 solar projects without issuing new shares. The transaction underscores CIM Group’s commitment to renewable energy and involves a preferred equity investment into a joint venture with SolarBank’s subsidiary, Abundant Solar Power Inc. The financing structure and the sale of investment tax credits are designed to optimize cash flow and investment returns, although the transaction is subject to various risks and conditions precedent.
More about Solarbank Corp.
SolarBank Corporation operates in the renewable energy industry, focusing on solar power projects. The company is involved in the development, ownership, and management of solar energy assets, primarily targeting the U.S. market.
Technical Sentiment Signal: Buy
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