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LOS ANGELES - January 23, 2025 (NEWMEDIAWIRE) - Disseminated on behalf of SolarBank Corporation

• The $25.8 million in financing from the Royal Bank of Canada will be used for two Ontario-based battery energy storage system projects.
• The projects mark SolarBank's first foray into energy storage, a market expected to reach $31.2 billion by 2029.
• Contracts for the projects include a 22-year term with fixed capacity payments significantly above the market average.
• The projects will benefit from Canada's Clean Technology Investment Tax Credit, covering up to 30% of eligible capital costs.
• Battery storage is becoming essential for grid resilience, cost management and meeting skyrocketing energy demand.

SolarBank (NASDAQ: SUUN) (CSE: SUNN) (NEO: SUNN) (FSE: GY2), a premier developer and owner of renewable and clean energy projects, specializing in distributed and community solar initiatives throughout Canada and the U.S., is expanding into the fast-growing battery energy storage market. The company has closed a $25.8 million non-recourse loan with the Royal Bank of Canada to fund the construction, operation and maintenance of two 4.99 MW battery energy storage system ("BESS") projects in Ontario, named SFF 06 and 903 (https://ibn.fm/G76GJ).

Both projects were awarded 22-year contracts under Ontario's Expedited Long-Term RFP ("E-LT1 RFP") in July 2023. These contracts include fixed capacity payments of $1,221/MW per business day, well above

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Forward-Looking Statements

Certain statements in this article are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management's control, including the risks set forth under the heading "Risk Factors" discussed under the caption "Item 1A. Risk Factors" in Part I of the Company's most recent Annual Report on Form 10-K or any updates discussed under the caption "Item 1A. Risk Factors" in Part II of the Company's Quarterly Reports on Form 10-Q and in the Company's other filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this article in making an investment decision, which are based on information available to us on the date hereof. All parties undertake no duty to update this information unless required by law.

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