SolarBank Corporation has announced plans to develop a 2.9 MW ground-mounted solar project in Gainesville, Florida. This initiative, a key component of the evolving Gainesville energy plan for a sustainable future, will operate under a power purchase agreement with Gainesville Regional Utilities (GRU) and is expected to generate approximately 4,787 MWh of clean electricity annually.
Gainesville Solar Project Advances Toward Commercial Operation
SolarBank has made significant progress on its 2.9 MW solar project in Gainesville, Florida, by signing a Power Purchase Agreement (PPA) with Gainesville Regional Utilities (GRU). GRU, a municipally owned utility serving over 200,000 customers in the area, is Florida’s fifth-largest municipal electric utility and recognized as one of the leading electric utilities 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. The project is expected to begin commercial operation in the fourth quarter of 2024, subject to securing financing, and generate an estimated 4,787 MWh of electricity annually. This amount of energy could power around 400 homes and is equivalent to offsetting 3,400 metric tonnes of carbon dioxide emissions annually.
The project will be developed on a 12-acre site with ground-mounted solar panels and is positioned to take advantage of the Investment Tax Credit (ITC) and the Inflation Reduction Act (IRA) bonus ITC. With the PPA now signed, SolarBank is poised to help advance Florida’s renewable energy goals while supporting local energy needs.
SolarBank Expands Its Presence in Florida
SolarBank is actively expanding its operations in Florida, a state seeing significant growth in solar energy generation. The company currently 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 to begin construction in the first quarter of 2024.
The expansion of solar energy in Florida is part of a broader trend in 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), the nation is on track to add 20.8 GW of new utility-scale solar generation capacity in 2023 and another 25.6 GW in 2024.
However, the EIA cautions that these projections are subject to change due to the current high demand for solar modules and the expansion of domestic manufacturing. Despite these challenges, the EIA estimates that utility-scale solar generation will account for 6% of the total U.S. electricity generation in 2023 and 8% in 2024.
About SolarBank’s Commitment to Renewable Energy
SolarBank Corporation is a leading developer, owner, and operator of solar power and energy storage projects in the United States and Canada. The company’s business model includes developing projects to sell at various stages of completion, as well as building, owning, and operating projects through its 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 mission guides SolarBank’s focus on expanding its operations in Florida, a state with significant potential for solar energy development. Its projects in Florida are expected to contribute to the state’s renewable energy goals and provide clean energy to local communities.
The development of the 2.9 MW solar project in Gainesville marks a significant milestone for the company as it expands its renewable energy portfolio. The power purchase agreement with Gainesville Regional Utilities ensures a stable source of revenue for the project, while the expected start of commercial operations in late 2024 aligns with the company’s growth strategy.