SolarBank Secures $100 Million Financing for 97 MW Solar Portfolio Across United States

SolarBank Corporation has secured up to $100 million in project-level preferred equity financing for a comprehensive 97 MW solar power portfolio across the United States. The innovative financing arrangement, structured through a joint venture with SolarBank subsidiary Abundant Solar Power Inc., represents a strategic move in expanding renewable energy infrastructure. Under the terms of the mandate letter with CIM Group, the financing will not involve issuing new SolarBank shares. Instead, CIM will acquire non-convertible preferred equity in the venture, with SolarBank maintaining majority ownership of the 21 solar projects.

The agreement includes a sophisticated revenue-sharing model, tax credit transfers, and redemption rights after a five-year holding period, contingent upon final documentation and development milestones. This financing represents a significant advancement for SolarBank, which focuses on developing distributed and community solar projects across North America. The company has already demonstrated substantial progress in the renewable energy sector, with a potential development pipeline exceeding one gigawatt and a track record of developing renewable energy projects totaling over 100 megawatts.

The solar portfolio's development signals continued momentum in the transition toward clean energy infrastructure, highlighting the growing investment potential in renewable energy projects. By securing robust project-level financing, SolarBank reinforces its position as a key player in advancing sustainable energy solutions across commercial, industrial, municipal, and residential markets. The financing arrangement through CIM Group demonstrates the increasing sophistication of renewable energy financing structures and the confidence institutional investors have in solar energy projects. This development comes at a critical time when renewable energy infrastructure is becoming increasingly important for meeting climate goals and energy security needs across the United States.

The 97 MW portfolio represents substantial clean energy capacity that will contribute to reducing carbon emissions while providing reliable power to various end users. SolarBank's approach to distributed generation ensures that the benefits of solar energy reach multiple market segments, from commercial businesses to residential communities. The company's focus on maintaining majority ownership while securing substantial external financing demonstrates a balanced approach to growth and risk management in the rapidly evolving renewable energy sector. This transaction sets a precedent for how solar developers can leverage project-level financing to accelerate deployment without diluting corporate ownership, potentially influencing future financing structures across the renewable energy industry.