SolarBank Corporation Announces Closing of up to US$19 Million Equity Financing
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TORONTO, March 24, 2025 ~ SolarBank Corporation, a leading renewable and clean energy project developer and owner, has announced the successful closure of its registered direct offering with a single institutional investor. The investor, a multi-billion dollar global investment fund backed by a bulge bracket investment bank, has purchased 2,394,367 common shares and warrants to purchase up to 2,394,367 common shares at a combined purchase price of US$3.55 per share. This amounts to an aggregate gross proceeds of approximately US$8.5 million before deducting fees and other estimated offering expenses.

The warrants are immediately exercisable at an exercise price of US$4.45 per share and will expire five years from the date of issuance. Upon the closing of the offering, approximately $8.5 million was funded in full with the potential for an additional $10.65 million to be funded upon full cash exercise of the warrants. However, there is no guarantee that any of the warrants will be exercised.

The net proceeds from this offering will be used by SolarBank Corporation to advance its independent power producer assets including battery energy storage system (BESS) projects and a community solar project in New York. The company also plans to allocate funds towards working capital and other general corporate purposes.

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A.G.P./Alliance Global Partners acted as the sole placement agent for this offering which was made in the United States under SolarBank's short form base shelf prospectus dated May 2, 2023 (the "Base Shelf Prospectus"). This prospectus was filed with securities regulatory authorities in each province and territory of Canada as well as with the U.S Securities and Exchange Commission ("SEC") under the U.S./Canada Multijurisdictional Disclosure System ("MJDS").

In addition to this, SolarBank Corporation has also filed a prospectus supplement (the "Supplement") on a non-offering basis with applicable securities regulatory authorities in Canada. The Supplement was also filed with the SEC as part of the company's Registration Statement under the MJDS. Interested parties can access copies of the Supplement and the Base Shelf Prospectus on SEDAR at www.sedar.com and copies of the Supplement and Registration Statement on EDGAR at www.sec.gov.

For those interested in obtaining physical copies, they can be obtained from A.G.P./Alliance Global Partners, located at 590 Madison Avenue, 28th Floor, New York, NY 10022. They can also be reached via telephone at 212-624-2060 or email.

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It is important to note that this communication does not constitute an offer to sell or a solicitation of an offer to buy securities. Furthermore, there will be no sale of these securities in any jurisdiction where such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

SolarBank Corporation is an independent renewable and clean energy project developer and owner with a focus on distributed and community solar projects in Canada and the USA. The company develops solar, Battery Energy Storage System (BESS) and EV Charging projects that sell electricity to utilities, commercial, industrial, municipal and residential off-takers. With a diverse portfolio of projects across multiple leading North American markets including projects with utilities, host off-takers, community solar, and virtual net metering projects, SolarBank maximizes returns for its investors. The company has a potential development pipeline of over one gigawatt and has already developed renewable and clean energy projects with a combined capacity of over 100 megawatts built. To learn more about SolarBank Corporation and its projects, please visit their website at www.solarbankcorp.com.
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