- SolarBank and CIM Group have announced a US$100 million financing deal for a portfolio of U.S. solar energy projects totaling 97 MW.
- The deal is structured as a preferred equity investment at the project level, preserving SolarBank’s share capital, with CIM receiving a 3% annual coupon and retaining full ownership of transferred investment tax credits.
- SolarBank expects to maintain majority ownership of the 21-project portfolio post-financing, supporting SolarBank’s shift toward becoming a long-term solar asset owner in the U.S.
Disseminated on behalf of SolarBank Corporation
SolarBank (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2), a premier developer and owner of renewable and clean energy projects, specializing in distributed and community solar initiatives throughout Canada and the U.S., has announced a US$100 million project-based financing with infrastructure investor CIM Group to fund a 97 MW portfolio of solar energy projects in the United States. The deal marks a significant step in SolarBank’s evolution from solar developer to long-term asset owner, offering equity-style exposure to U.S. renewable energy growth without issuing new shares (https://ibn.fm/J7XIZ).
The financing will be structured as a preferred equity investment by CIM into a newly formed entity, New HoldCo. That entity will operate as a joint venture between CIM and Abundant Solar Power (“ASP”), a…
NOTE TO INVESTORS: The latest news and updates relating to SUUN are available in the company’s newsroom at https://ibn.fm/SUUN
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