Curated News
By: NewsRamp Editorial Staff
May 06, 2025
SolarBank Corporation Secures $100M Financing for Solar Power Projects in the U.S.
TLDR
- SolarBank secures $100 million in project-level financing for 97 MW of solar power projects without new share issuance, retaining majority ownership.
- SolarBank partners with CIM Group for non-convertible preferred equity financing with revenue-sharing model, tax credit transfers, and redemption rights after 5 years.
- SolarBank's renewable energy projects contribute to a cleaner environment and sustainable future by selling electricity to utilities and off-takers in North America.
- SolarBank's joint venture with CIM Group for solar power projects showcases innovative financing methods and sustainable energy development in the U.S.
Impact - Why it Matters
This news matters as it highlights SolarBank's strategic move to secure financing for sustainable energy projects, contributing to the growth of renewable energy sources. The deal signifies a step towards achieving cleaner energy solutions and reducing carbon footprints, which is crucial in combating climate change.
Summary
SolarBank Corporation has secured up to $100 million in project-level preferred equity financing for 97 MW of solar power projects in the U.S. through a joint venture with CIM Group, without issuing new shares. CIM will acquire non-convertible preferred equity, with SolarBank retaining majority ownership of the 21 projects, featuring a revenue-sharing model and tax credit transfers.
Source Statement
This curated news summary relied on this press release disributed by InvestorBrandNetwork (IBN). Read the source press release here, SolarBank Corporation Secures $100M Financing for Solar Power Projects in the U.S.
