SolarBank (SUUN) said Tuesday that construction of its first battery energy storage system project in Ontario is expected to begin next week, with the civil and electrical contract awarded to Anvil Crawler Development for $1.85 million.
The company said it has an indirect 50% interest in 1000234763 Ontario, which owns the project, while the remaining 50% is held by a partnership formed by First Nations communities in Ontario.
The project is being financed via a combined loan for two projects of $25.8 million from Royal Bank of Canada, SolarBank said.
SolarBank shares were rising 4% in recent trading.
Price: 3.10, Change: +0.12, Percent Change: +4.03
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