SolarBank Corporation has announced plans for a new 2.9 MW ground-mounted solar project in Gainesville, Florida. Under a power purchase agreement with Gainesville Regional Utilities (GRU), the project is expected to generate approximately 4,787 MWh of clean electricity each year.
Gainesville Project Moves Toward Commercial Operation
SolarBank is making significant progress on its 2.9 MW solar project in Gainesville, Florida. A key step was signing a Power Purchase Agreement (PPA) with Gainesville Regional Utilities (GRU), a municipally owned utility serving over 200,000 customers in the area. As Florida’s fifth largest municipal electric utility, GRU is recognized as a leader in the United States.
Under the PPA, SolarBank will sell electricity to GRU at a fixed rate of $0.041 per kWh for 20 years. Pending successful financing, the project is expected to begin commercial operation in the fourth quarter of 2024. Once online, it is projected to generate approximately 4,787 MWh of electricity annually—enough to power around 400 homes and offset 3,400 metric tonnes of carbon dioxide emissions.
The project will be developed on a 12-acre site with ground-mounted solar panels and is expected to take advantage of both the Investment Tax Credit (ITC) and the Inflation Reduction Act (IRA) bonus ITC. With the PPA signed and development underway, SolarBank is positioned to make a significant contribution to Florida’s renewable energy goals while supporting local energy needs.
SolarBank Expands Florida Presence with Gainesville solar project
SolarBank is actively expanding its operations in Florida, a state seeing significant growth in solar energy generation. The company has several projects in various stages of development across the state, including a 2.9 MW project in Alachua County, a 1.6 MW project on a closed landfill in Hardee County, and a 2.9 MW project in Citrus County scheduled for construction in the first quarter of 2024.
This expansion in Florida is part of a broader trend across the United States, where utility-scale solar capacity is expected to increase significantly over the next two years. According to the U.S. Energy Information Administration (EIA), an additional 20.8 GW of new utility-scale solar generation is expected in 2023, with another 25.6 GW in 2024.
However, the EIA cautions that these projections could change, citing high demand for solar modules and the ongoing expansion of domestic manufacturing. Despite these challenges, the agency estimates that utility-scale solar generation will account for 6% of total U.S. electricity generation in 2023 and 8% in 2024.
SolarBank’s Commitment to Renewable Energy
SolarBank Corporation is a leading developer, owner, and operator of solar power and energy storage projects across the United States and Canada. The company’s business model involves developing projects to sell at various stages, in addition to building, owning, and operating them through subsidiaries. SolarBank’s portfolio includes behind-the-meter, Community Solar, and utility-scale solar and energy storage projects.
The company’s mission is to build a sustainable future by providing clean, renewable energy solutions. This vision guides SolarBank’s focus on expanding its Florida operations, as the state holds significant potential for solar energy development. Its projects there are expected to contribute to state renewable energy goals and provide clean power to local communities.
The 2.9 MW solar project in Gainesville is a significant milestone in SolarBank’s effort to expand its renewable energy portfolio. The power purchase agreement with Gainesville Regional Utilities provides a stable revenue source for the project, while the expected start of commercial operations in late 2024 aligns with the company’s growth strategy.