SolarBank Sydney Project Boosts Nova Scotia’s Clean Energy

The North American energy infrastructure developer and asset owner SolarBank Corporation has updated its plans to develop a ground-mount solar power project in Nova Scotia called the Sydney project, which will total 2.4 MW DC. The company also announced that it is continuing to execute its community solar development pipeline. The estimated 2,730 MWh of clean energy produced yearly by this key initiative will be sufficient to power 221 houses for a full year and eliminate around 1,900 tons of CO2 emissions annually, which is the same as taking 415 automobiles off the road.

SolarBank is the project’s principal developer and constructor, while AI Renewable Flow-through Fund owns the project. The projected value of the project is $4.57 million. To complete the project, SolarBank will collaborate with Trimac Engineering, a reputable engineering business in Nova Scotia. With more than 50 MW of completed community solar projects, SolarBank has led the way in community solar development in the US. As the community solar industry grows in Canada, the company is pleased to be using its experience there.

With a $4.57 million project that generates contractual revenues through numerous sources, the Sydney project expands SolarBank’s community solar portfolio. Through its collaboration with AI Renewable Flow-through Fund, SolarBank, the plant’s developer and EPC contractor, maximizes value while lowering capital at risk for this 2.4 MW facility. Construction is anticipated to begin in the spring of 2026, with permits obtained and connectivity in progress. This puts the company in a position to provide short-term EPC revenues while establishing long-term recurring income through O&M contracts.

“This project underscores SolarBank’s significant expertise and strategic vision in helping to drive Canada’s renewable energy transformation,” stated Dr. Richard Lu, President and CEO of SolarBank. “With a proven track record of over a decade in community solar, commercial, and industrial projects, we’re proud to provide solutions on Nova Scotia’s ambitious renewable energy transition to deliver meaningful value for stakeholders and communities alike.”

The Sydney project alone will generate over $1.36 Million in electricity savings for local residents over its lifetime while creating local jobs and supporting the Province’s net-zero goals

This is SolarBank’s second Community Solar project in Nova Scotia. The Canadian Federal government and the Province of Nova Scotia are very supportive of Community Solar, with a number of incentives, including the Smart Renewables and Electrification Pathways Program (SREPs), Indigenous-Led Clean Energy Stream, and the Low Carbon Communities program.

Community solar is a cornerstone of Nova Scotia’s bold commitment to achieve 80% renewable energy by 2030 and net-zero by 2035. As one of only four community solar contracts awarded under the program so far, the Sydney Project contributes to the 100 MW of planned solar additions that will help reduce fossil fuel reliance and drive local economic development.

Unlike traditional rooftop systems, community solar allows renters, businesses, and homeowners to subscribe to the solar farm and receive bill credits and savings of $0.02/kWh—without installing any equipment. Project feeds directly into the local electricity grid and offers a flexible, accessible way for Nova Scotians to participate in the clean energy transition.

The Project leverages SolarBank’s proven execution capabilities and strategic partnerships. With over 100 MW of projects built and a 1+ GW development pipeline, SolarBank brings institutional-grade development expertise to Atlantic Canada. The Project’s clear timeline ensures near-term EPC revenue generation, and positions SolarBank to obtain additional development contracts in the high-growth community solar market.

Project Impact Summary:

Annual Clean Energy Generation: ~2,730 MWh
CO2 Reduction: ~1,900 tons annually
Local Economic Impact: $4.57 million investment + construction jobs
Customer Savings: Over $1.36 million in combined electricity savings
Energy Security: Contributes to Nova Scotia’s energy independence

There are several risks associated with the development of the Project. The development of any project is subject to receipt of interconnection approval, receipt of a community solar contract, required permits, the continued availability of third-party financing arrangements for the Company and the risks associated with the construction of a solar power project. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for solar power, which could result in future projects no longer being economic. Please refer to “Forward-Looking Statements” for additional discussion of the assumptions and risk factors associated with the Projects and statements made in this press release.