SolarBank’s First Solar Project Under Development for Fiera Real Estate Nears Completion
October 8, 2024
SolarBank Corporation announces that it is nearing completion of construction on a 1.4 MW DC rooftop solar project located in Calgary, Alberta for Fiera Real Estate Investments Limited.
Contributing to Fiera Real Estate’s commitment to its Net Zero Pathway where two of its funds have established targets of Net Zero Carbon by 2040as well as the further expansion of the SolarBank portfolio, the Project is expected to become operational in November 2024 as a small-scale generator in the Alberta Interconnected Electric System (AIES). With the support of Zathura Investments, SolarBank is providing full-service development and engineering, procurement and construction (EPC) services for the Project under an EPC agreement with Fiera Real Estate. Following the completion of this pilot project, the Company expects to complete additional projects for Fiera Real Estate in the future.
“We are thrilled to be nearing completion of our first project for Fiera Real Estate, which marks a significant step toward our companies’ mutual goals of long-term growth and contribution to the global energy transition,” stated Dr. Richard Lu, SolarBank’s CEO. “We are looking forward to what’s ahead for our partnership with Fiera Real Estate and continuing to develop projects that advance sustainability initiatives for our partners and communities.”
Fiera Real Estate is a leading investment management company with offices in North America and Europe. The firm globally manages over $7.4 billion USD in commercial real estate through a range of investment funds and accounts at June 30, 2024. The highly diverse nature of its portfolio – in terms of both geographies and types of properties – combined with a range of high-quality strategies provides investors with opportunities to diversify their exposure and customize their investment experience within the real estate asset class.
There are several risks associated with the development of the Project. In addition to the risks associated with the construction of a solar power project, governments may revise, reduce or eliminate incentives and policy support schemes for solar power, which could result in future projects no longer being economical. Please refer to “Forward-Looking Statements” for additional discussion of the assumptions and risk factors associated with the statements in this press release.
