US$49.5 Million Transaction with Qcells Announced by SolarBank

Core Viewpoint - Qcells, a subsidiary of Hanwha Solutions, is acquiring four solar projects from SolarBank in New York, representing a total capacity of 25.577 MW, as part of a broader investment strategy to enhance U.S. solar manufacturing and support the clean energy transition [2][4][5]. Company Overview - SolarBank Corporation is an independent renewable energy project developer focusing on distributed and community solar projects in Canada and the USA, with a development pipeline exceeding one gigawatt and over 100 megawatts of projects built [9]. - Qcells is recognized as a leading clean energy company, known for high-performance solar cells and panels, with manufacturing facilities in the U.S., Malaysia, and South Korea [3][7]. Investment and Development Details - Qcells is investing nearly $2.8 billion to enhance U.S. domestic solar manufacturing, which includes the acquisition of the four solar projects from SolarBank valued at approximately$49.5 million [2][4][5]. - The projects will utilize Qcells modules manufactured in the USA and are expected to be eligible for incentives under the New York State Energy Research and Development Authority (NYSERDA) NY-Sun Program [2][5]. Project Characteristics - The four solar projects, named Gainesville, Hardie, Rice Road, and Hwy 28, have received positive interconnection results and will be developed as separate community solar projects [2][4]. - Community solar allows renters and homeowners to benefit from solar energy without installing panels on their properties, providing them with credits on their electric bills [5].