SolarBank

At COP27 at Sharm El-Sheikh, Egypt, UN Secretary- General António Guterres called for a monumental climate solidarity pact. The agreement urges developed, developing, and emerging economies to collaborate and pivot to sustainable energy, achieve net zero, and evade climate catastrophe.

Actualising these goals, however, requires widespread adoption of renewable energies like solar power that facilitate sustainable development.

The evolution of solar energy–from an outlier to a fundamental part of energy infrastructures–is a remarkable breakthrough in the history of global energy transitions. From early upward trends in the 2000s to the Paris Agreement in 2015, solar energy was seen time and time again as a linchpin of sustainable energy transitions.

Bearing witness to this noteworthy development in the energy arena over the past two decades is industry expert Dr. Richard Lü, president and CEO of SolarBank Corporation (CSE: SUNN). Dr. Lü, with a passion for renewable energy and expertise in financial and tactical strategies, founded SolarBank as a turnkey solutions provider to help business leaders, and organizations achieve net zero.

The company and its wholly-owned US subsidiary, Abundant Solar Power Inc. (ASP), are dedicated to providing origination, development, engineering, installation, financing, operation, maintenance, and management of solar power infrastructures across Canada and the United States.

“We are in pursuit of supplying solar energy as long as the sun shines,” states Dr. Lü.
Carrying a combined team experience of over 100 years, Dr. Lü and his team of experts have established SolarBank as a trusted and reliable partner for clean energy. The team has helped numerous organizations and communities become contributors to sustainable development goals.

Comprehensive and Result-oriented Services Facilitating Sustainable Energy Transition

SolarBank possesses the expertise and adaptability required to turn solar energy development ideas into identified opportunities and, eventually, viable energy-producing commodities. These assets yield healthy returns and address the specific needs of property owners, communities, stakeholders, and investors.

SolarBank services the commercial and industrial segments to make an immediate and sustainable impact and bring speed and technological simplicity to the energy market. Its experts analyze GIS layers and identify properties in the proximity of a distribution or transmission grid. This is followed by examining provincial and state-level policies associated with renewable energies to determine a project’s economic and societal feasibility at a given location. After the GIS mapping is complete, electrical engineers ensure the transmission or distribution grid can meet a local community’s power needs.

SolarBank’s teams lease land for 35 years, send an official application to grid authorities for interconnection study and agreement, and supply utility entities with solar-generated electricity. SolarBank also negotiates taxes with local authorities to support regional economies and the vibrancy of local communities. One must tackle on-the-ground constraints like permitting to ensure extensive deployment of renewable energies.

SolarBank takes the responsibility of securing these zoning approval and building permits, consolidation, and, eventually, the public approval for building a solar farm. Consequently, these projects support the local economies, create climate-resilient communities, and bring prosperity. Once the viability of solar projects is verified and permits are secured, SolarBank proceeds to the next phase, financing.

SolarBank follows a well-oiled financing mechanism where it develops long-term financing alliances with third parties, taking full advantage of the Canadian Renewable Conservation Expenses (CRCE) to cover the cost of certain clean energy generation, such as solar project development activities, and the US federal income tax credit (ITC) for certain types of renewable and clean energy projects including solar energy. After funds for projects are secured, SolarBank begins its engineering, procurement, and construction phase. Its structural, electrical, and solar engineering teams collaborate with local engineering firms to develop solar products using industry best practices. Its in-house procurement, construction experts, and project managers monitor and maintain the economic viability of each project.

“Our designs comply with local regulatory compliance, following the best practices, and are safe, reliable, bankable, and low-cost,” says Dr. Lü.

The teams supervise each project throughout its lifetime to ensure continued operational performance and ratify inefficiencies. They use on-site electronic management systems to conduct 24/7 monitoring, daily performance analysis, and schedule preventative maintenance, and repair and dispatch crew in the event of an issue. Solarbank works with qualified individuals residing near the solar farm, creating job opportunities and bolstering local economies.

With these holistic services, SolarBank has approximately 60 MW of 100+ solar arrays under its management. It continues to build solar energy assets that have 35 years of revenue, working with investment firms and building solar farms in Canada and the U.S.A. Under its community solar segment of services, SolarBank has built seven solar farms that generate renewable energy for more than 5,000 households.

Achieving Sustainable Development and Taking Climate Actions

The current reliance on fossil fuels for energy production is unsustainable and harmful to the planet. When UN Sustainable Development Goal (SDG) 7 was drafted to focus on a concerted global effort to ensure access to affordable, reliable, sustainable and modern energy for all. Energy is interconnected with all of the other SDGs and is important to effectively implement the SDGs. SolarBank is translating this SDG global commitment into a reality with many solar energy projects.

It designed Community Solar to enable individuals, households, and other energy consumers—who eventually become subscribers—to enroll in local community solar arrays and receive clean energy. “We sell the power directly to the end user, empowering them to make a difference in the world,” adds Dr. Lü.

These community solar farms produce renewable energy, which is sent to local utility grid, and, ultimately, delivered to end users. Interested customers can subscribe to a portion of the system output and receive clean energy at no extra cost and operational risks while getting power at discounted rates compared to conventional grid rates.

Community Solar offers a multitude of benefits to end-users, including cost savings, protection against soaring electricity rates, and the development of cleaner and sustainable communities. SolarBank’s community-centric services and innovative solar products have enabled numerous entities, communities, and individuals to substantially reduce their carbon footprint, contribute to mitigating the climate crisis, and efficiently address emerging environmental challenges.

In an attempt to create value in society and solve legacy isses of contaminated and closed landfills and wastelands, Fortune 500 company Honeywell International Inc (HON: NASDAQ) has worked with SolarBank. SolarBank has built community solar farms on these lands, converting a piece of liability into an active source of revenue and supplying local populations with clean power. It is also responsible for constructing rooftops and ground-mounted solar for Honeywell’s operational needs. SolarBank is actively examining the client’s other sites and exploring opportunities to convert them into assets that contribute to the sustainable transformation of local communities.

SolarBank is also helping Charley Shin, CEO, and founder of Charleys Philly Steaks, contribute to green energy movement and net-zero emissions target by investing in renewable energy infrastructures.

Maryland Department of Transportation has made a corporate agreement of 30 years with SolarBank to improve the environmental sustainability of their transportation system by installing solar panels along highways, commuter lots, and carports.

The company also recently made a deal with a world-leading real estate company to transform them into a net-zero business.

These customer success stories are a stark representation of how SolarBank’s expertise in renewable energies and identifying new opportunities are helping a myriad of organizations. It takes creative approaches toward addressing environmental challenges and develops ideas that future-proof its operations and benefit communities at large. Looking ahead, SolarBank is gradually expanding its footprint across solar energy, battery energy storage, EV charging, wind and future energy such as hydrogen and green ammonia, facilitating a transition from fossil fuel-based power to renewable energy.

As governments globally incentivize and mandate broader climate initiatives and investments in renewable energies skyrocket, solar energy will play a pivotal role in materializing policy objectives. SolarBank Corporation is ready, bearing the torch of renewable energy and bringing a radical change in the global energy sector.