SolarBank Corporation (Nasdaq: SUUN) (Cboe CA: SUNN) (FSE: GY2) ("SolarBank" or the "Company") is ?pleased to announce that it has advanced construction on the 1.4 MW DC rooftop solar project for Fiera Real Estate ("Fiera") in Alberta (the "Project") as a pilot project. This Project is expected to operate as a "Small Scale Generator". Construction mobilization began on July 15, 2024, marking the commencement of significant progress. We have already received some major equipment deliveries at the site and initiated preparations for construction. This includes the installation of scaffolding, setting up roof staging, and preparing the roof for loading solar materials. Construction of the Project is expected to be completed in November 2024.
The Company, with the support of Zathura Investments, is providing development and EPC services under an EPC agreement with Fiera and expects to complete additional projects for Fiera in the future. This initial Project is part of Fiera's commitment to its Net Zero Pathway where its funds have established targets of Net Zero Carbon by 2040.
Locally the Alberta government report that during 2023 there were a total of 1,092 wildfires burning a record 2.2-million hectares. As climate change is increasing the risk of wildfires, the Company and Fiera are aligned that renewable energy projects that help to decarbonize the grid are an important step in combatting climate change.
Fiera Real Estate is a leading investment management company with offices in North America and Europe and a team of over 80 employees. The firm globally manages over USD$7.0 billion of commercial real estate through a range of investment funds and accounts as at December 31, 2023. The highly diverse nature of its portfolio – in terms of both geographies and types of properties – combined with a range of high-quality strategies provides investors with opportunities to diversify their exposure and customize their investment experience within the real estate asset class.
Fiera Real Estate is wholly owned by Fiera Capital Corporation, a leading independent global asset management firm with more than USD122.1 billion of AUM as at December 31, 2023. Fiera Capital provides Fiera Real Estate with access to global investment market intelligence, which enhances its ability to innovate within a framework that emphasizes risk assessment and mitigation.
There are several risks associated with the development of the Project. The development of any project is subject to the risks associated with the construction of a solar power project. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for solar power, which could result in future projects no longer being economic. Please refer to "Forward-Looking Statements" for additional discussion of the assumptions and risk factors associated with the statements in this press release.
