SolarBank Corporation, a renewable energy project developer, has completed mechanical construction on the 21 MW DC ground-mount solar power projects under development in upstate New York for Honeywell International in a $41 million transaction.
SolarBank originated the sites that will be developed into the three separate 7 MW DC solar power projects - known as SB 13-1, SB 13-2, and SB-14. In September 2023, the company sold the projects to Honeywell and signed an engineering, procurement, and construction (EPC) agreement allowing SolarBank to bring the projects to commercial operation for Honeywell.
Once completed, the projects will operate as community solar projects to deliver clean energy to the local electricity grid and provide energy to more than 2,400 homes. SolarBank expects it will be selected to carry out operations and maintenance at the site.
The projects are expected to be eligible for incentives under the New York State Energy Research and Development Authority (NYSERDA) NY-Sun Program. However, developing them involves several risks.
For example, the development of any project is subject to the continued supply of third-party financing agreements and the risks associated with the construction of the solar power project. In addition, government entities also reserve the right to revise, reduce, or eliminate incentives and policy support programs for solar power, which could result in future projects no longer being economical.
