- SolarBank Corporation (SUUN, Financial) completes interconnection study for its 7.2 MW Hoadley Hill solar project in New York.
- The project is expected to power approximately 850 homes as a community solar initiative.
- Projected to receive US$0.0971/kWh compensation in the first year from New York's VDER program, with potential additional incentives from NYSERDA.
SolarBank Corporation (NASDAQ: SUUN) has achieved a pivotal milestone in its 7.2 MW Hoadley Hill Road solar project in upstate New York by completing the Coordinated Electric System Interconnection Review (CESIR). This step is crucial for connecting the project to the local grid without requiring extensive infrastructure modifications, clearing the path for further development stages.
The Hoadley Hill solar project is designed to power approximately 850 homes under a community solar model. This model allows residents and businesses to subscribe and receive credits on their utility bills, eliminating the need for individual rooftop installations. The initiative aligns with SolarBank's goal to provide easy access to renewable energy.
Financially, the project is anticipated to earn US$0.0971 per kWh in its first year through New York's Value of Distributed Energy Resources (VDER) program. Additionally, it may qualify for incentives up to US$0.395 per watt DC under NYSERDA's NY-Sun Program, significantly enhancing the project's financial returns.
With a development pipeline exceeding 1 GW and a portfolio of over 100 MW of completed projects, SolarBank continues to expand its footprint in the renewable energy sector. The project's advancement underscores the company's robust execution capabilities and commitment to supporting New York's ambitious solar energy goals, which include installing 6 GW of solar capacity by the end of 2025.
