US$100 Million Transformative, Project Financing Announced by SolarBank and CIM Group to Fund 97 MW of Renewable Energy Assets in the United States

Provided By PR Newswire

Last update: May 6, 2025

Financing to accelerate SolarBank's growth as an owner of solar power projects in the U.S.

TORONTO, May 6, 2025 /PRNewswire/ - SolarBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) ("SolarBank" or the "Company") announced today that CIM Group ("CIM"), a real estate and infrastructure owner, operator, lender and developer, and the Company have entered into a Mandate Letter providing for up to US$100 million in project based financing for a portfolio of 97 MW of solar power projects located in the United States (the "Transaction"). The Transaction will be structured as a preferred equity investment into a newly formed entity ("New HoldCo") that will be a joint venture between CIM and Abundant Solar Power Inc. ("ASP"), a wholly-owned subsidiary of SolarBank. No shares or other securities of SolarBank will be issued in connection with the Transaction.