Completing its first project more than 10 years ago, SolarBank has built a reputation as a trusted developer, engineer, and asset operator specializing in behind-the-meter (“BTM”) solar plants, grid-connected community solar gardens, and utility-scale solar farms. The Company brings a comprehensive solution to its customers, inclusive of ESG (environment, social, governance) best practices, EPC (engineering, procurement and construction) expertise, understanding of incentive packages, and access to low-cost financing.
SolarBank has completed hundreds of solar power plants across an array of applications from rooftop installations to ground-mount solar farms for commercial and industrial (“C&I”) clients, including Fortune 500 companies (including Honeywell International), utilities, municipalities, and more. The Company has completed 70 community solar projects in collaboration with Central New York Regional Planning and Development Board. Approximately 90 percent of SolarBank’s contracts to date have been awarded by governments in the Company’s primary regions of focus so far: Ontario in Canada and New York and Maryland in the U.S.
SolarBank has an experienced management team with over 100 years of combined expertise in the renewable and clean energy industry coupled with a strongly defined philosophy and financial vision for successful growth. The team is led by Dr. Richard Lu who has more than 25 years of global experience in the energy industry developing and implementing business strategies for organizations in North America, Europe and Asia. Dr. Lu has held senior positions with Enbridge Gas Distribution, Husky Injection Molding Systems Ltd., Toronto Hydro Corporation and Dillon Consulting.
“The IPO represents not only a milestone for our company and investors, but an inflection point as well,” said Dr. Richard Lu, President and Chief Executive Officer at SolarBank. “We have grown methodically to galvanize our reputation in our focus markets and now, with thousands of C&I and community solar projects becoming available across North America amid an unprecedented push for decarbonization and surging demand for clean energy, we are in an optimal position for horizontal and vertical expansion. I’d like to welcome all the new investors that have joined us and look forward to frequent updates as we move into this new phase of growth.”
Historically, SolarBank has operated through a “build-and-manage” revenue model, wherein the Company originates, develops, designs, constructs and brings a solar project to the operational phase, at which point the completed project is turned over to the owner (for example investment funds, private equity owners, Fortune 500 company, or similar entity). Subsequently, SolarBank often is contracted for long-term operations/maintenance of the project. The Company is currently operating more than 100 solar plants with a capacity of more that 60 megawatts (“MW”).
SolarBank is deeply committed to job creation and supporting local communities in a unified effort to combat climate change and democratize clean energy access. For every project, the Company recruits and utilizes local companies and contractors throughout the entire process from design and permitting, through construction and maintenance.
Going forward, SolarBank will judiciously fold-in a “build-and-own” revenue model. Rather than transferring ownership and seeking to serve as operator, the Company will retain ownership of select solar projects, subsequently selling the energy to a utility, government, or end user, effectively transitioning the company into an Independent Power Producer (“IPP”).
“Our long track record of success in operations, maintenance, and asset management is a formidable foundation and gateway to become an IPP, which will deliver long-term, profitable growth,” added Dr. Lu. “Previously, we were focused on comprehensive value chain efficiency. Now, we are all about using that experience and resources to scale. We will use our expertise gained from small feed-in tariff (FIT) solar gardens in Ontario and community solar farms in the U.S. to construct and operate utility scale solar farms of more than 100 megawatts peak in the abundance of carbon-intense markets, where price parities make solar the smart environmental and financial choice.”
He continued, “This multi-prong strategy benefits us in many ways, including providing one-time and recurring revenue streams generated across various time frames, as our projects will range from six months to five years from start to finish. We are clearly differentiated and our brand synonymous with quality and professionalism to deliver turnkey products. More than 30 states have implemented Renewable Portfolio Standards and the new Inflation Reduction Act has earmarked $369 billion for energy security and fighting climate change(1), giving us nearly unlimited opportunities to repeat nationwide our successes in Ontario and Eastern U.S.”
