SolarBank Corporation (NASDAQ: SUUN) stock is experiencing a significant rise today, driven by the announcement of a large-scale solar project. As of the latest market check, SUUN shares have climbed 21.28% to trade at $4.16. This surge comes as the company continues to make advancements in its renewable energy initiatives, with the Boyle project leading the charge.
The Boyle Project: A Major Addition to SolarBank’s Portfolio
SolarBank (SUUN) today unveiled its plan of developing a 5.4 MW DC ground-mounted solar project in Broome County, New York. The project dubbed as The Boyle project, is positioned to benefit from incentives provided by the New York State Energy Research and Development Authority (“NYSERDA”) for NY-Sun Program, and will be crucial to the efforts of encourage the growth of solar electricity throughout the state.
SolarBank has already secured a lease on the project site and has applied for interconnection approval, marking significant progress in its development pipeline. SolarBank’s community solar portfolio continues to grow, with the Boyle project contributing to its pipeline, which now exceeds one gigawatt of capacity.
SUUN will Integrate Agrivoltaics with Sustainable Development
Agrivoltaics, a technique for using land for both solar energy generation and agricultural needs, will be incorporated into the Boyle project. Sheep grazing will be introduced to the solar farm in collaboration with other agricultural companies by SolarBank. This will enhance soil health and preserve the area surrounding the panels. This technique supports sustainable energy methods and gives farmers extra revenue streams by supplying dairy, beef, and wool to local markets.
Community Solar Benefits
When the Boyle project is finished, it will function as a community solar project that feeds renewable energy into the nearby electrical grid. In order to receive credits on their power bills without having to install solar panels themselves, homeowners and renters can sign up for the scheme. Community solar is in line with SolarBank’s overarching objective of providing thousands of families with clean, cheap electricity.
