SolarBank Corporation announced on April 23, 2025, its plans to develop a 4.584 MW DC ground-mount solar power project, known as the Forest Hill Rd project, in upstate New York. This project is a new addition to the company's development pipeline, which exceeds one gigawatt, and is expected to power 540 homes.
The project has a secured site lease and an interconnection study underway, and it will be eligible for the Value of Distributed Energy Resources (VDER) rate compensation mechanism, with a projected year one average compensation of $0.0971 per kWh. It is also targeting incentives of up to $0.345 per W DC under the NYSERDA NY-Sun Program.
Dr. Richard Lu, CEO of SolarBank, addressed the recent announcement of increased tariffs on South-East Asia solar cells. He stated that SolarBank's current operations are not affected as it has not been importing solar panels from the four countries subject to the tariffs. The company is actively exploring sourcing from other jurisdictions, including the Middle East and North America, where domestic assembled panels are becoming cost-competitive.
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