Canadian independent renewable energy developer SolarBank has announced a definitive agreement with an institutional investor for equity financing of up to $19m.
The agreement includes the purchase of 2,394,367 common shares and warrants at a combined price of $3.55 per share.
The warrants, priced at $4.45 per share, are exercisable immediately and will expire five years from issuance.
The financing aims to support SolarBank’s independent power producer assets, including battery energy storage systems and a community solar project in New York. It will also be used for working capital and other general corporate purposes.
The offering is expected to close on or about 24 March 2025, subject to customary closing conditions.
A total of $8.5m will be allocated upon the successful completion of the offering, and a further $10.65m could be made available if the warrants are fully exercised for cash.
AGP/Alliance Global Partners is acting as the sole placement agent for the offering.
The offering is being conducted in the US based on SolarBank’s short-form base shelf prospectus, filed with Canadian securities authorities on 2 May 2023.
The corresponding registration statement has been submitted to the US Securities and Exchange Commission (SEC) under the US/Canada Multijurisdictional Disclosure System. A prospectus supplement will be filed in Canada and with the SEC.
In a related development, SolarBank announced the sale of its 3.26MW Camillus solar project to Solar Advocate Development for $7.3m.
The project, located on a closed landfill site, will operate as a community solar project and is eligible for incentives under the NYSERDA NY-Sun programme.
SolarBank received approval for $1,058,616 in incentives from NYSERDA for the Camillus solar project, contingent on compliance with the NY-Sun program manual. The solar installation must be completed within 30 months of approval.
SolarBank has completed an interconnection agreement and obtained the necessary permits for Camillus.
Engineering and construction have commenced, with the company initiating procurement of major equipment.
The project will be built under an engineering, procurement and construction agreement dated 18 March 2025.
“SolarBank secures $19m to advance solar and energy storage projects” was originally created and published by Power Technology, a GlobalData owned brand.
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