SolarBank Corporation announced on June 5, 2025, its first step in implementing its Bitcoin treasury strategy by allocating the net cash generated by its Geddes Solar Power Project to acquire Bitcoin. This positions SolarBank among pioneering renewable energy companies adopting a Bitcoin treasury strategy.
The Geddes Project, with a designed capacity of 3.79 megawatts (MW) DC, is repurposing a closed landfill in New York, addressing both clean energy needs and the transformation of contaminated sites. The project is expected to become operational and commence producing power and revenue before the end of June 2025.
CEO Richard Lu stated that this strategy provides a sustainable way to add Bitcoin to SolarBank's balance sheet, combining the stable cash flows of renewable energy with the potential appreciation of Bitcoin. The actual timing and value of Bitcoin purchases will be determined by management based on net cash produced, after accounting for capital, operating costs, and debt service obligations.
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