SolarBank has signed a $11.35 million engineering, procurement, and construction (EPC) agreement with Solar Advocate Development for its 5.9 MW, DC community solar PV project in Manlius, New York.
The construction and engineering for the project has started and SolarBank will secure equipment orders of solar panels, inverters, racking, and transformers necessary for the Project with the help of Tier 1 suppliers. In its first year of operation, the project will produce about 7 million kWh of electricity to about 1,500 homes, equivalent to reducing more than 2,500 metric tons of CO2 emissions.
New York State Energy Research and Development Authority will be the incentive provider for the project.
SolarBank's financial statements have revealed that the project is being challenged by neighboring residents to the site. The development of any project is subject to the continued availability of third-party financing arrangements for SolarBank and the risks associated with the construction of a solar power project.
Moreover, any government plan to revise, reduce or eliminate incentives and policy support schemes for solar power will make the future projects uneconomical, the statement reads. Read more about the Inflation Reduction Act and future clean energy incentives.
“This project is among one of the largest that we have constructed to date and aligns with our focus on growing our business through the development of more and larger projects," said Richard Lu, Chief Executive Officer at SolarBank. "We are excited to leverage our expertise and work collaboratively with all stakeholders to deliver a solar project that will contribute significantly to New York’s renewable energy goals.”