SolarBank Corporation has announced its plans to develop a 2.9 MW ground-mounted solar project in Gainesville, Florida. This project — which is being developed under a power purchase agreement with the Gainesville Regional Utilities (GRU) — is expected to generate approximately 4,787 MWh of clean electricity annually.
Advancing the Gainesville solar project Toward Commercial Operation
SolarBank has made significant progress in the development of its 2.9 MW solar project in Gainesville, Florida. The company has signed a Power Purchase Agreement (PPA) with Gainesville Regional Utilities (GRU), a municipally owned utility that serves over 200,000 customers in the area. GRU is Florida’s fifth largest municipal electric utility and is recognized as one of the leading electric utilities in the United States.
Under the PPA, SolarBank will sell electricity to GRU at a fixed rate of $0.041 per kWh for 20 years. The project is expected to begin commercial operation in the fourth quarter of 2024 — subject to securing financing — and is projected to generate approximately 4,787 MWh of electricity annually. This amount of energy could power around 400 homes each year and is equivalent to offsetting 3,400 metric tonnes of carbon dioxide emissions annually.
The project, which is being developed on a 12-acre site, will feature ground-mounted solar panels and is expected to take advantage of the Investment Tax Credit (ITC) and the Inflation Reduction Act (IRA) bonus ITC. With the signing of the PPA and the ongoing development, SolarBank is on track to make a significant contribution to Florida’s renewable energy goals while also supporting local energy needs.
SolarBank Expands Florida Presence with Gainesville solar project
SolarBank has been actively expanding its operations in Florida, a state that has seen significant growth in solar energy generation. The company currently has several projects in various stages of development across the state, including a 2.9 MW project in Alachua County and a 1.6 MW project on a closed landfill in Hardee County. Additionally, SolarBank is working on a 2.9 MW project in Citrus County, which is scheduled to begin construction in the first quarter of 2024.
The expansion of solar energy in Florida is part of a broader trend in the United States, where utility-scale solar capacity is expected to increase significantly over the next two years. According to the U.S. Energy Information Administration (EIA), 20.8 GW of new utility-scale solar generation capacity is expected to be added in 2023 and 25.6 GW in 2024.
However, the EIA cautions that these projections are subject to change due to the current high demand for solar modules and the expansion of domestic manufacturing. Despite these challenges, the EIA estimates that utility-scale solar generation will account for 6% of the total U.S. electricity generation in 2023 and 8% in 2024.
SolarBank’s Commitment to Renewable Energy Through the Gainesville solar project
SolarBank Corporation is a leading developer, owner, and operator of solar power and energy storage projects in the United States and Canada. The company’s business model includes developing projects and selling them at various stages of development, as well as building, owning, and operating projects through its subsidiaries. SolarBank’s portfolio includes behind-the-meter solar projects, Community Solar projects, and Utility Scale solar and energy storage projects.
The company’s mission is to build a sustainable future by providing clean, renewable energy solutions. As part of this mission, SolarBank is focused on expanding its operations in Florida, a state with significant potential for solar energy development. The company’s projects in Florida are expected to contribute to the state’s renewable energy goals and provide clean energy to local communities.
The development of SolarBank’s 2.9 MW solar project in Gainesville, Florida, marks a significant milestone in the company’s efforts to expand its renewable energy portfolio. The power purchase agreement with Gainesville Regional Utilities ensures a stable source of revenue for the project, while the expected start of commercial operations in the fourth quarter of 2024 aligns with the company’s growth strategy.