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US$100 Million Transformative, Project Financing Announced by SolarBank and CIM Group to Fund 97 MW of Renewable Energy Assets in the United States
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
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[{"type":"text","content":"Financing to accelerate SolarBank's growth as an owner of solar power projects in the U.S.","length":94,"tagName":"p","attribs":{}},{"type":"text","content":"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.","length":848,"tagName":"p"},{"type":"image","alt":"SolarBank Logo (CNW Group/SolarBank Corporation)","displaySize":"","headline":null,"caption":"SolarBank Logo (CNW Group/SolarBank Corporation)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":131,"url":"https://media.zenfs.com/en/prnewswire.com/5918bd585a85db9591164403d06bdbd1"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/e8tO.ug6Pa6i0aJPjpj.rw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTIzMTtjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/5918bd585a85db9591164403d06bdbd1","width":400,"height":131}},"href":"https://mma.prnewswire.com/media/2679960/SolarBank_Corporation_US_100_Million_Transformative__Project_Fin.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":""The financing is another major milestone in SolarBank's plans to grow its status as an independent power producer. Assuming full funding, SolarBank will retain a majority ownership interest in what is expected to be 21 solar energy projects with a total capacity of 97 MW," said Dr. Richard Lu, President and CEO of SolarBank. "The Transaction has been structured such that SolarBank does not have to issue any new shares, as the financing is being completed at the project company level."","length":514,"tagName":"p"},{"type":"text","content":""CI...