SolarBank Corp. (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) Expands Portfolio with Additional Solar Project in Upstate New York

• SolarBank is developing a 4.584 MW DC ground-mount solar project in upstate New York, projected to power 540 homes.
• The Forest Hill Rd project will operate under New York’s community solar framework and benefit from VDER compensation and NYSERDA incentives.
• Solar Simplified will handle subscriber management, allowing SolarBank to focus on development and expansion.
• The company is not presently importing solar panels from the four countries impacted by the April 21, 2025, U.S. Department of Commerce Tariff announcement.

Disseminated on behalf of SolarBank Corporation

SolarBank (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2), a premier developer and owner of renewable and clean energy projects, specializing in distributed and community solar initiatives throughout Canada and the U.S., announced that it was moving forward with the development of its Forest Hill Rd solar project in upstate New York. The 4.584 megawatt DC installation will operate as a community solar facility, contributing renewable energy to the local grid and offering cost savings to approximately 540 homes (https://ibn.fm/AB4zH).

The company announced that the site lease has been secured and an interconnection study is currently underway. If successful, SolarBank will proceed with permitting and financing. The project is expected to qualify for compensation under the Value of Distributed Energy Resources (“VDER”) framework, a New York Public Utility Commission mechanism. The current year-one compensation rate is projected at $0.0971/kWh.

The Forest Hill Rd project will also be eligible for one-time incentives through the NYSERDA NY-Sun Program. SolarBank is targeting support of up to $0.345 per watt DC, which would reduce upfront capital costs and improve project economics.

Once operational, the project will be integrated into New York’s community solar system. This model allows renters and homeowners to subscribe to the project and receive credits on their monthly utility bills without installing rooftop panels.

To manage customer acquisition and ongoing subscriber services, SolarBank will continue its partnership with Solar Simplified. This arrangement allows the company to concentrate on development while ensuring that projects reach full subscription and generate consistent revenue from the outset.

The project adds to SolarBank’s growing development pipeline, which now exceeds one gigawatt and already includes several solar projects in upstate New York. It also represents continued expansion in the U.S. market at a time when solar developers are facing rising supply chain costs linked to global trade policy changes.

In a separate update, SolarBank CEO Dr. Richard Lu commented on the recent increase in tariffs on solar cells imported from Southeast Asia.

Dr. Richard Lu, CEO of SolarBank, commented: “We continue to execute on our development pipeline of community solar projects. I also want to comment on the recent announcement of increased tariffs on south-east Asia solar cells and SolarBank’s plans to manage its supply chain. SolarBank has not been importing solar panels from any of the four countries that are subject to the tariffs announced by the U.S. Department of Commerce on April 21, 2025. As a result, its present operations are not affected by this announcement. In addition, SolarBank has been exploring sourcing solar panels from other jurisdictions such as the Middle East and North America, where (domestic assembled) solar panels are becoming cost competitive with the panels imported from Asia. SolarBank also has significant development opportunities in Canada where solar panels are not subject to the same tariffs. Finally, I am expecting that electricity costs will increase in response to these tariffs which will further mitigate the financial impact on projects. Overall, SolarBank is well positioned to manage this risk.”

For more information, visit the company’s website at SolarBankCorp.com.

This report contains forward looking information. Please refer to the press release entitled “4.584 MW Forest Hill Rd Solar Project in Development by SolarBank in New York” for additional details on the statements, assumptions and risks.

NOTE TO INVESTORS: The latest news and updates relating to SUUN are available in the company’s newsroom at https://ibn.fm/SUUN

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