SolarBank & CIM to fund 97 MW PV projects in US

CIM Group and SolarBank Corporation agreed on $100 million financing for a 97 MW US solar project portfolio under a new JV with Abundant Solar Power.

By Prudhvi Rani 07 May 2025 in America Bytes Project Bytes

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New HoldCo, a CIM–Abundant Solar Power Inc. joint venture, was formed to manage 21 solar projects with SolarBank retaining majority ownership. Image Credit/Source: TomFisk/Pexels

Canada-based SolarBank Corporation, an independent renewable energy project developer, has entered a mandate letter with CIM Group. The agreement is for up to $100 million in project-based financing for 97 MW of solar projects in the US. The transaction was structured as a preferred equity investment into a newly formed joint venture entity ("New HoldCo") between CIM Group and Abundant Solar Power Inc. (ASP). ASP is a wholly owned subsidiary of SolarBank. SolarBank planned to retain majority ownership in 21 solar projects. CIM was set to receive a 3% annual coupon and all proceeds from the sale of investment tax credits. Redemption rights for CIM and New HoldCo were defined based on fair market value or a multiple of invested capital. The agreement remained subject to definitive documentation and project development risks, including interconnection, permitting, contracts, and financing. Recently, A 7.2 MW community solar project was planned by SolarBank Corporation in New York. 

#US #AbundantSolarPower #CIMGroup #SolarBankCorporation

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