SolarBank Developing 6.9 MW Solar Project In Brooklyn, Nova Scotia, Canada

SolarBank Corporation is pleased to provide an update on the development of the Brooklyn solar power project, a ground-mounted solar installation with a capacity of 6.9 MW DC located in Nova Scotia. The project is owned by AI Renewable Fund, with SolarBank acting as the developer and builder. The total estimated cost for the project is $13.9 million. To successfully deliver the project, SolarBank is partnering with Trimac Engineering, a local firm based in Nova Scotia.

This project is part of the Nova Scotia Community Solar Program (CSP), which is Canada’s first program of its kind. The CSP supports Nova Scotia’s ambitious goals of achieving 80% renewable energy by 2030 and reaching net-zero carbon emissions by 2035. The program aims to add 100 MW of solar energy to the local electricity grid to reduce dependency on fossil fuels, mitigate climate change, and promote economic growth within the community.

Community solar projects like the Brooklyn project generate clean energy that feeds directly into the local grid, allowing renters, homeowners, and businesses to subscribe and earn credits on their electricity bills. Subscribers can save approximately $0.02 per kWh from the solar energy generated by the project. To date, only three CSP contracts totaling 7.05 MW AC have been awarded in Nova Scotia, with AI Renewable Fund winning two contracts amounting to 6.5 MW AC, reflecting the company’s expertise in solar development.

With a site lease secured, SolarBank is continuing to work through the permitting process required to advance the project. Throughout 2025, the company plans to complete the interconnection with Nova Scotia Power Inc., carry out detailed engineering studies, and finalize the solar system design. Construction is expected to begin in the spring of 2026, with completion targeted for the summer of the same year. While the project has strong potential, it carries several risks typical of solar power developments.

These include obtaining necessary approvals for grid connection, securing all required permits, ensuring continued availability of financing, and managing construction challenges. Additionally, changes in government incentives or policy support for solar power could affect the project’s viability. Further information on these risks is detailed in the company’s forward-looking statements.

Richard Lu, President and CEO of SolarBank, stated, “As the project developer, we are excited to work alongside our local partner Trimac Engineering and the province’s dedicated team to help bring clean, affordable energy to communities across Nova Scotia. With over a decade of proven experience in solar development and operations including community solar, commercial and industrial installations, and other government-led initiatives. SolarBank brings the expertise needed to the successful implementation of Nova Scotia’s Community Solar projects.”

In a separate announcement, SolarBank disclosed an agreement with an independent advisor to provide ongoing strategic and business development services. Under this shares-for-services arrangement, which began on June 10, 2022, the company will issue common shares valued at $35,000 USD monthly, based on the closing price of the company’s shares on the last trading day of each month, alongside a monthly cash payment of $35,000 USD. Subject to achieving certain financial milestones, both the cash and share compensation could increase to $100,000 USD per month.

The agreement has a remaining term of nearly three years and automatically renews annually unless terminated with 60 days’ notice. The advisor’s services include introducing strategic relationships, supporting business development and recruitment, assisting with public relations, and providing financial, corporate strategy, and transactional advice. SolarBank has also agreed to reimburse the advisor for reasonable out-of-pocket expenses incurred while performing these services.