SolarBank Corporation announces its plans to develop the West Petpeswick solar project, a 3.1 MW DC ground-mounted solar power installation on a site in Nova Scotia.
AI Renewable Expands Community Solar in Nova Scotia
The Project is a significant expansion of the Company’s growing portfolio of community solar initiatives in Nova Scotia. Plans are underway to develop an additional 31 MW of solar capacity in the province. This Project is part of the Nova Scotia Community Solar Program, supporting the province's goal of achieving 80% renewable energy by 2030 and reaching net-zero emissions by 2035.
The program seeks to add 100 MW of solar power to the grid, reducing dependence on fossil fuels, addressing climate change and promoting local economic growth. The Project is owned by AI Renewable.
Community Solar Projects Offer Energy Savings and Grid Benefits
Community solar projects generate clean energy that feeds directly into the local electricity grid. Based on the project’s size and number of panels, renters, homeowners and businesses can earn credits on their electric bills, saving $0.02/kWh from the generated electricity.
By subscribing to a community solar project, members can enjoy the benefits of renewable energy without needing to install panels on their property. With a secured site lease, the company will proceed with the permitting process for the Project.
However, several risks are associated with its development. Project success depends on obtaining a community solar contract, interconnection approval, necessary permits and continued access to third-party financing. Additionally, construction risks may arise. Changes in government policies, including potential reductions or removal of solar incentives and support programs, could also impact the economic viability of future projects.
SolarBank: Advancing Renewable Energy in North America
SolarBank Corporation is an independent developer and owner of renewable energy projects, specializing in distributed and community solar initiatives across Canada and the United States. The company develops solar, Battery Energy Storage Systems (BESS) and EV charging projects that supply electricity to utilities and a range of commercial, industrial, municipal and residential customers.
By maintaining a diverse portfolio across major North American markets, including utility projects, host off-takers, community solar and virtual net metering, the company optimizes its returns. With a development pipeline exceeding one gigawatt, SolarBank has already built renewable energy projects totalling over 100 megawatts in capacity.