SolarBank Corp (NASDAQ:SUUN) on Tuesday announced its plans to develop a 7.2 MW DC ground-mount solar power project known as the Glor Rd project in upstate New York. With a secured site lease and interconnection study underway, the project is another key addition to SolarBank’s expanding development pipeline, which exceeds one gigawatt.

The project will be eligible for the VDER rate compensation mechanism under NY Public Utility Commission case 15-E-0751.

Also Read:  SolarBank CEO Comments On Tariffs Impact, Unveils 4.584 MW Solar Project In New York

The year-one average compensation is currently projected at $0.0971/kWh.

The VDER (Value of Distributed Energy Resources) rate for solar projects in New York is the rate payable to the project owner in return for the energy supplied to the grid.

Assuming the project’s interconnection study is successful, the company will continue to work to complete the permitting process and secure the necessary financing for the project’s construction.

The project will likely be eligible for incentives under the New York State Energy Research and Development Authority (“NYSERDA”) NY-Sun Program.

The company targets incentives of up to $0.245/W DC for the project. These incentives are one-time payments that help support the financing required for the project.

Once completed, the project will be operated as a community solar project. Community solar is a group of solar panels with access to the local electricity grid.

Price Action: SUUN stock traded higher by 5.43% at $2.36 premarket at the last check on Tuesday.

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This article EXCLUSIVE: SolarBank To Develop 7.2 MW Solar Project In New York originally appeared on Benzinga.com

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