- SolarBank Corporation (SUUN, Financial) plans to use net cash from its Geddes Solar Power Project for Bitcoin purchases.
- Geddes Project, built on repurposed landfill, expected to generate revenue by June 2025.
- The strategy aims to create dual value streams: stable energy revenue and potential Bitcoin appreciation.
SolarBank Corporation (SUUN), a leader in renewable energy infrastructure, has announced an innovative strategy to invest in Bitcoin using the net cash generated from its 3.79 MW Geddes Solar Power Project. This strategic move makes SolarBank one of the pioneers among renewable energy companies adopting a Bitcoin treasury strategy. The Geddes Project, which is part of SolarBank's substantial 1+ gigawatt development pipeline, is expected to start generating power and revenue before the end of June 2025.
The Geddes Solar Power Project, located on a repurposed landfill, will produce 3.79 MW of DC electricity. The power generated will be sold to community solar subscribers through subscription agreements. A designated portion of the net revenue, after covering operational costs, will be allocated for Bitcoin purchases, depending on market conditions. This dual revenue model is intended to merge the predictable cash flows from solar energy with the potential for Bitcoin value appreciation.
The specific timing and value of Bitcoin purchases will be managed by SolarBank's leadership and will account for various factors such as market conditions, operational costs, and the company's cash needs. Despite this strategic shift towards digital asset accumulation, SolarBank has yet to make any Bitcoin acquisitions.
This strategy is not without its risks, particularly due to the inherent volatility of the cryptocurrency market. Nevertheless, it represents a bold move for SolarBank, highlighting its commitment to innovative financial strategies and asset diversification in the renewable energy sector.
