SolarBank Secures $100 Million Financing for U.S. Solar Project Expansion
TL;DR
SolarBank secures US$100 million financing deal for 97 MW U.S. solar projects, positioning for long-term growth and equity-style exposure.
Deal structured as preferred equity investment at project level, maintaining SolarBank's share capital and majority ownership post-financing.
SolarBank's shift to long-term solar asset ownership promotes sustainable energy growth, contributing to a greener future for the U.S.
SolarBank partners with CIM Group for US$100 million solar energy financing, advancing renewable energy projects in the United States.
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Renewable energy developer SolarBank Corp. has announced a significant $100 million financing agreement with CIM Group to support the expansion of its U.S. solar energy portfolio. The deal involves a 97 MW portfolio of solar projects and represents a strategic milestone for the company's growth strategy.
The financing is structured as a preferred equity investment at the project level, which allows SolarBank to preserve its share capital. Under the agreement, CIM Group will receive a 3% annual coupon and retain full ownership of the transferred investment tax credits. SolarBank expects to maintain majority ownership of the 21-project portfolio post-financing.
This investment marks an important transition for SolarBank, positioning the company to shift from a solar project developer to a long-term solar asset owner in the United States. The deal provides the company with substantial capital to expand its renewable energy infrastructure without diluting existing shareholder value.
The partnership with CIM Group, a prominent infrastructure investor, demonstrates growing confidence in the U.S. solar energy market. By securing substantial project-level financing, SolarBank is strategically expanding its renewable energy footprint and creating opportunities for sustainable energy development.
Curated from InvestorBrandNetwork (IBN)
