SolarBank Corp., a leading renewable energy project developer, has announced the commencement of construction on a 5.9 MWdc community solar project in Manlius, New York. The project, undertaken for Solar Advocate Development LLC, has received all necessary permits and secured an interconnection agreement with the utility company. With a total value of approximately $11.35 million, the engineering, procurement, and construction (EPC) agreement marks a significant milestone for SolarBank.
The company has already initiated the procurement of major equipment, including solar panels, inverters, racking, and transformers, thanks to its strong relationships with Tier 1 suppliers. Additionally, SolarBank has secured incentives from the New York State Energy Research and Development Authority (NYSERDA), recognizing the positive impact of such projects on local tax bases, job growth, and environmental preservation. Dr. Richard Lu, CEO at SolarBank, expressed excitement about this venture, which aligns with the company's mission to contribute to New York's renewable energy goals.
While the project shows promise, it is not without its challenges. As disclosed in the company's financial statements, there are ongoing concerns raised by neighboring residents. Moreover, the availability of third-party financing and potential changes in governmental incentives and policies could impact the project's economic viability in the future. Nevertheless, SolarBank remains committed to the successful development of the community solar project and aims to leverage its expertise and collaboration with stakeholders to bring renewable energy benefits to the region.
SolarBank specializes in the development and ownership of distributed and community solar projects in the United States and Canada. With a potential development pipeline exceeding 1 GW and an impressive track record of over 70 MW of renewable energy projects built, the company continues to expand its presence in the clean energy sector. By selling electricity to utilities, commercial establishments, municipalities, and residential customers, SolarBank plays a vital role in advancing the adoption of sustainable power sources.
Source: solarbuildermag.com