SolarBank Updates on Development of 14.4 MW Community Solar Projects in Skaneateles, New York

SolarBank Provides Update on 14.4 MW Projects in Skaneateles, New York

**TORONTO, Feb. 11, 2025** /PRNewswire/ – SolarBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) is pleased to share an update regarding the development of two solar projects located on industrial brownfield sites in Skaneateles, New York, within the Finger Lakes Region of Onondaga County. The Company plans to develop two ground-mounted community solar projects with a total capacity of **14.4 MW DC** (collectively referred to as the “Projects”).

The Projects have successfully reached a significant milestone by receiving positive interconnection results through a completed Coordinated Electric System Interconnection Review (CESIR). With this determination in hand, the next step involves the permitting process, which is already in progress. These Projects are expected to qualify for incentives under the New York State Energy Research and Development Authority (“NYSERDA”) NY-Sun Program. Upon obtaining the necessary permits and financing, the Company intends to begin construction of the Projects.

Once operational, each Project will function as a community solar initiative. Community solar consists of a collective group of solar panels that connect to the local electricity grid. When the panels are activated and generating power, the clean energy produced will feed into the local power grid. Depending on the project’s size and number of panels, dozens or even hundreds of renters and homeowners can benefit from reduced electricity costs generated by the project. By subscribing to the project, homeowners receive credits on their electricity bills each month based on their share of the solar energy produced, allowing them to enjoy the benefits of solar without the need to install panels on their properties. This results in a lower cost per kWh compared to standard utility rates.

However, several risks are associated with the development of the Projects. The advancement of any project is contingent upon securing a community solar contract, obtaining required permits, ensuring continued access to third-party financing, and addressing the risks related to constructing a solar power project. Moreover, government policies may change, potentially reducing or eliminating incentives and support for solar energy, which could make future projects financially unfeasible.

### About SolarBank Corporation

SolarBank Corporation is an independent developer and owner of renewable and clean energy projects, focusing on distributed and community solar initiatives in Canada and the USA. The Company develops solar projects, Battery Energy Storage Systems (BESS), and EV Charging projects that supply electricity to utilities, commercial, industrial, municipal, and residential customers. SolarBank maximizes returns through a diverse portfolio of projects across multiple leading North American markets, including initiatives with utilities, host off-takers, community solar, and virtual net metering projects. The Company has a potential development pipeline exceeding **one gigawatt** and has successfully developed renewable and clean energy projects with a combined capacity of over **100 megawatts**.

To learn more about SolarBank, please visit [www.solarbankcorp.com](http://www.solarbankcorp.com).

### Forward-Looking Statements

This news release contains forward-looking statements that reflect the Company’s current expectations and views regarding future events. Any statements expressing expectations, beliefs, plans, objectives, assumptions, or future performance—often using phrases like “will likely result,” “are expected to,” “anticipates,” and “plans”—are not historical facts and may involve estimates, assumptions, and uncertainties that could lead to actual results differing significantly from those expressed.

In particular, this release includes forward-looking statements regarding the Company’s expectations related to industry trends, anticipated energy production from the Projects, the expected number of homes powered, and the receipt of necessary permits and financing.

Investors are cautioned not to place undue reliance on these forward-looking statements, which are based on various assumptions, including obtaining required regulatory approvals, maintaining regulatory requirements, and general economic conditions. While the Company believes these assumptions are reasonable, they may prove to be incorrect. The Company undertakes no obligation to update or revise any forward-looking statements except as required by law. For more information on the risks and uncertainties associated with these statements, please refer to the Company’s public filings.