Dr. Richard Lu reports

SOLARBANK'S FIRST SOLAR PROJECT UNDER DEVELOPMENT FOR FIERA REAL ESTATE NEARS COMPLETION

Solarbank Corp. is nearing completion of construction on a 1.4-megawatt DC rooftop solar project located in Calgary, Alta., for Fiera Real Estate Investments Ltd.

• $7.4-billion (U.S.) in commercial real estate managed by Fiera Real Estate, Solarbank anticipates future projects;
• 1.4-megawatt rooftop project is being built as pilot project;
• Construction expected to reach completion in November, 2024.

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 2040 as 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 chief executive officer. "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 (U.S.) 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.

About Solarbank Corp.

Solarbank is an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects in Canada and the United States. The company develops solar, battery energy storage system (BESS) and EV (electric vehicle) charging projects that sell electricity to utilities, commercial, industrial, municipal and residential off-takers. The company maximizes returns via a diverse portfolio of projects across multiple leading North America markets including projects with utilities, host off-takers, community solar and virtual net metering projects. The company has a potential development pipeline of over one gigawatt and has developed renewable and clean energy projects with a combined capacity of over 100 megawatts built.

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