1. PowerBank's 1.45 MW solar project in Alberta has commenced operations. 2. The project supports Fiera Real Estate's net-zero carbon commitment by 2040. 3. PowerBank expects to expand its project portfolio and revenue. 4. PowerBank will issue shares as a service fee related to the project. 5. This project boosts PowerBank's position in Alberta's renewable energy sector.
FAQ
Why Bullish?
The operational solar project enhances revenue potential and market presence for SUUN.
How important is it?
The solar project aligns with growing energy transitions, likely strengthening SUUN's market position and attracting investors.
Why Long Term?
Sustainable energy trends will support growth and profitability over time, aligning with market demands.
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PowerBank’s First Solar Project Achieves Commercial Operation in Alberta
PowerBank Corporation (NASDAQ: SUUN), a pioneering renewable energy project developer, has announced the successful commercial operation of its 1.45 megawatt (MW) DC rooftop solar project in Calgary, Alberta. This project, developed for Fiera Real Estate Investments Limited, is part of a broader strategy to participate in Alberta's Small Scale Generation program and to generate carbon offsets through the Technology Innovation and Emissions Reduction (TIER) system.
Details of the Project and Its Significance
The Calgary rooftop solar project contributes to Fiera Real Estate's commitment to achieving net zero carbon emissions by 2040, aligning with the targets set by two of its investment funds. As PowerBank’s first operational venture in Alberta, this project underscores the company’s entry as a small-scale generator into the Alberta Interconnected Electric System (AIES), with expectations for further expansion of its portfolio.
PowerBank is executing full-service development and engineering, including procurement and construction (EPC) services, in partnership with Zathura Investments. This collaboration enhances the project's viability and sustainability.
Fiera Real Estate's Commitment to Sustainability
Fiera Real Estate, a subsidiary of Fiera Capital, manages over C$12.0 billion in commercial real estate assets globally. The company focuses on effective investment management strategies across various geographies and sectors. Their commitment to reaching net-zero carbon by 2040 through this project showcases a growing trend in the real estate sector towards sustainability and renewable energy.
Future Outlook for PowerBank and SUUN
Following the successful launch of the solar project, PowerBank anticipates future growth and additional projects. This includes a pipeline exceeding one gigawatt of potential developments. The company has already completed renewable energy projects totaling over 100 megawatts, reinforcing its position in both Canadian and U.S. markets.
The company plans to issue 10,089 shares to a third party for services rendered in relation to this project. This issuance is subject to the final approval of Cboe Canada Exchange Inc., with a statutory hold period of four months and one day.
About PowerBank Corporation
PowerBank Corporation specializes in developing and managing renewable and clean energy projects with a primary focus on community solar initiatives. By offering solar energy and battery storage solutions, PowerBank serves a range of clients from utilities to residential users. For more information, visit PowerBank's website.
Forward-Looking Statements
This release contains forward-looking statements related to PowerBank, including expectations about future project completions, market growth, and sustainability initiatives. Such statements involve uncertainties that might cause actual results to differ. Investors are encouraged to review the company's public filings for a comprehensive understanding of the risks involved.