SolarBank Has Received $6.33 million in Pre-Construction Development Costs
Source: www.gulfoilandgas.com 6/5/2023, Location: North America
SolarBank Corporation is ?pleased to announce that its subsidiary (the “Subsidiary”) has now received the full $6.33 million of Pre-Construction Development Costs (“PCDC”) from the Ontario IESO. PCDC are defined as reasonable costs incurred in development of a project from contract award date to termination date. The PCDC were incurred in connection with certain FIT Contracts in Ontario. The amount represents a full recovery of the PCDC claims submitted by the Subsidiary to the Ontario ISEO.
The Subsidiary is owned 49.9% by the Company; however, based on an arrangement between the Subsidiary and SolarBank, SolarBank will receive the full amount of the PCDC recoveries from the Subsidiary.
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