UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For
the month of November, 2024.
Commission
File Number 001-41976
Solarbank
Corporation
(Translation of registrant’s name into English)
505
Consumers Rd., Suite 803
Toronto, Ontario, M2J 4Z2 Canada
(Address of principal executive office)
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☐ Form 40-F ☒
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) ☐
Indicate
by check mark if the registrant is “submitting” the Form 6-K in paper as permitted by Regulation S-T “Rule” 101(b)(7)
☐
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
| Date
November 21, 2024 |
Solarbank
Corporation |
| |
|
| |
By: |
/s/
Sam Sun |
| |
|
Sam
Sun |
| |
|
Chief
Financial Officer & Corporate Secretary |
Exhibit
Index
Exhibit
99.1
4.6-Megawatt
Solar Project in Development by SolarBank in New York
Over
540 Homes Expected to be Powered by this Community Solar Project
Toronto,
Ontario, November 21, 2024 — SolarBank Corporation (NASDAQ: SUUN; Cboe CA: SUNN, FSE: GY2) (“SolarBank” or the “Company”)
is pleased to announce its plans to develop a 4.6 MW DC ground-mount solar power project known as the Stone Church project (the “Project”)
on a site located in Seneca County, New York. With a secured site lease and interconnection study underway, the Project is another key
addition to SolarBank’s expanding development pipeline—which exceeds one gigawatt—as well as the Company’s commitment
to advancing community solar.
“Community
solar projects are a great way to make renewable energy accessible and affordable for everyone. The Stone Church project exemplifies
our commitment to delivering clean energy while fostering local economic growth and sustainability in New York,” stated Dr. Richard
Lu, CEO of SolarBank.
The
clean energy generated by community solar projects feeds directly into the local electricity grid. Depending on the size and number of
panels a community solar project has, renters and homeowners can earn credits on their electric bill and save money from the electricity
that is generated by a project.
By
subscribing to a project, community members can access the benefits of renewable energy without having to install panels on their home.
SolarBank’s strategic focus on community solar aligns with its goal of powering thousands of homes with clean and affordable energy.
Assuming
the Project’s interconnection study is successful, the Company will continue to work to complete the permitting process and secure
the necessary financing for the construction of the Project. The Project is expected to be eligible for incentives under the New York
State Energy Research and Development Authority (“NYSERDA”) NY-Sun Program.
There
are several risks associated with the development of the Project. The development of any project is subject to receipt of interconnection
approval, required permits, the continued availability of third-party financing arrangements for the Company and the risks associated
with the construction of a solar power project. In addition, governments may revise, reduce or eliminate incentives and policy support
schemes for solar power, which could result in future projects no longer being economic. Please refer to “Forward-Looking Statements”
for additional discussion of the assumptions and risk factors associated with the projects and statements made in this press release.
About
SolarBank Corporation
SolarBank
Corporation is an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects
in Canada and the USA. The Company develops solar, Battery Energy Storage System (BESS) and EV Charging projects that sell electricity
to utilities, commercial, industrial, municipal and residential off-takers. The Company maximizes returns via a diverse portfolio of
projects across multiple leading North America markets including projects with utilities, host off-takers, community solar, and virtual
net metering projects. The Company has a potential development pipeline of over one gigawatt and has developed renewable and clean energy
projects with a combined capacity of over 100 megawatts built. To learn more about SolarBank, please visit www.solarbankcorp.com.
For
further information, please contact:
SolarBank
Corporation
Genny
Nugent
Email:
genny.nugent@solarbankcorp.com
Phone:
416.494.9559
CoreIR
Investor Relations
Peter
Seltzberg
Email:
peters@coreir.com
Phone:
516.222.2560
FORWARD-LOOKING
STATEMENTS
This
news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation
(collectively, “forward-looking statements”) that relate to the Company’s current expectations and views of future
events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or
future events or performance (often, but not always, through the use of words or phrases such as “will likely result”,
“are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”,
“believes”, “estimated”, “intends”, “plans”, “forecast”, ”projection”,
“strategy”, “objective” and “outlook”) are not historical facts and may be forward-looking statements
and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from
those expressed in such forward-looking statements. In particular and without limitation, this news release contains forward-looking
statements pertaining to the Company’s expectations regarding its industry trends and overall market growth; the Company’s
growth strategies the expected energy production from the solar power project mentioned in this press release; the number of homes expected
to be powered; the receipt of interconnection approval, permits and financing to be able to construct the Project; the receipt of incentives
for the Project; and the size of the Company’s development pipeline. No assurance can be given that these expectations will
prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements
speak only as of the date of this news release.
Forward-looking
statements are based on certain assumptions and analyses made by the Company in light of the experience and perception of historical
trends, current conditions and expected future developments and other factors it believes are appropriate, and are subject to risks and
uncertainties. In making the forward looking statements included in this news release, the Company has made various material assumptions,
including but not limited to: obtaining the necessary regulatory approvals; that regulatory requirements will be maintained; general
business and economic conditions; the Company’s ability to successfully execute its plans and intentions; the availability of financing
on reasonable terms; the Company’s ability to attract and retain skilled staff; market competition; the products and services offered
by the Company’s competitors; that the Company’s current good relationships with its service providers and other third parties
will be maintained; and government subsidies and funding for renewable energy will continue as currently contemplated. Although the Company
believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and the Company cannot assure
that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties and assumptions, investors
should not place undue reliance on these forward-looking statements.
Whether
actual results, performance or achievements will conform to the Company’s expectations and predictions is subject to a number of
known and unknown risks, uncertainties, assumptions and other factors, including those listed under “Forward-Looking Statements”
and “Risk Factors” in the Company’s most recently completed Annual Information Form, and other public filings
of the Company, which include: the Company may be adversely affected by volatile solar power market and industry conditions; the execution
of the Company’s growth strategy depends upon the continued availability of third-party financing arrangements; the Company’s
future success depends partly on its ability to expand the pipeline of its energy business in several key markets; governments may revise,
reduce or eliminate incentives and policy support schemes for solar and battery storage power; general global economic conditions may
have an adverse impact on our operating performance and results of operations; the Company’s project development and construction
activities may not be successful; developing and operating solar projects exposes the Company to various risks; the Company faces a number
of risks involving Power Purchase Agreements (“PPAs”) and project-level financing arrangements; any changes to the laws,
regulations and policies that the Company is subject to may present technical, regulatory and economic barriers to the purchase and use
of solar power; the markets in which the Company competes are highly competitive and evolving quickly; an anti-circumvention investigation
could adversely affect the Company by potentially raising the prices of key supplies for the construction of solar power projects; foreign
exchange rate fluctuations; a change in the Company’s effective tax rate can have a significant adverse impact on its business;
seasonal variations in demand linked to construction cycles and weather conditions may influence the Company’s results of operations;
the Company may be unable to generate sufficient cash flows or have access to external financing; the Company may incur substantial additional
indebtedness in the future; the Company is subject to risks from supply chain issues; risks related to inflation; unexpected warranty
expenses that may not be adequately covered by the Company’s insurance policies; if the Company is unable to attract and retain
key personnel, it may not be able to compete effectively in the renewable energy market; there are a limited number of purchasers of
utility-scale quantities of electricity; compliance with environmental laws and regulations can be expensive; corporate responsibility
may adversely impose additional costs; the future impact of any resurgence of COVID-19 on the Company is unknown at this time; the Company
has limited insurance coverage; the Company will be reliant on information technology systems and may be subject to damaging cyberattacks;
the Company may become subject to litigation; there is no guarantee on how the Company will use its available funds; the Company will
continue to sell securities for cash to fund operations, capital expansion, mergers and acquisitions that will dilute the current shareholders;
and future dilution as a result of financings.
The
Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the
Company to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors,
may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements
contained in this news release are expressly qualified in their entirety by this cautionary statement.
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