US$49.5 Million Transaction with Qcells Announced by SolarBank

SolarBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) ("SolarBank" or the "Company") is pleased to announce that Qcells, through an affiliate, has entered into agreements to acquire from the Company a total of four ground-mount solar power projects that are under development in upstate New York (the "Projects") representing 25.577 MW. The Projects are known as Gainesville, Hardie, Rice Road and Hwy 28.

Qcells is a subsidiary of South Korea's Hanwha Solutions (KRX: 009830). Qcells is one of the world's leading clean energy companies, recognized for its established reputation as a manufacturer of high-performance, high-quality solar cells and panels, portfolio of intelligent storage systems, and growing international pipeline of large-scale renewable energy projects. The company is headquartered in Seoul, South Korea (Global Executive HQ) with its diverse international manufacturing facilities in the U.S., Malaysia, and South Korea.

SolarBank originated the sites in upstate New York and the Projects have received positive interconnection results via a completed Coordinated Electric System Interconnection Review (CESIR). The Projects will be developed as four separate solar power projects. The Company will now continue to build the Projects for Qcells to commercial operation via engineering, procurement, and construction ("EPC") agreements. The sale of the Projects and EPC agreement have a total value of approximately US$49.5 million. The Company also expects that it will retain an operations and maintenance contract for the Projects following the completion of construction.

Dr. Richard Lu, Chief Executive Officer of SolarBank commented: "I am extremely pleased to have entered into this transaction with Qcells. Qcells is making a substantial investment in U.S. domestic manufacturing for solar panels and SolarBank is excited to be supporting them in developing these four projects using made in the USA equipment."

"At Qcells, we are dedicated to delivering clean, affordable energy solutions to communities nationwide and around the globe," said Jin Han, Corporate Officer, Head of Distributed Energy at Qcells North America. "With a commitment of nearly $2.8 billion, we are working hard to onshore production of the solar supply chain from ingots and wafers to cells and finished panels. Each step we take strengthens domestic solar manufacturing, drives the clean energy transition and brings us closer to a sustainable future for all."

Once completed, the Projects will be operated as community solar projects. Community solar is a group of solar panels with access to the local electricity grid. Once the panels are turned on and generating electricity, clean energy from the site feeds into the local power grid. Depending on the size and number of panels the project has, dozens or even hundreds of renters and homeowners can save money from the electricity that is generated by the project. By subscribing to a project, a homeowner earns credits on their electric bill every month from their portion of the solar that's generated by the project, accessing the benefits of solar without installing panels on their home. The Projects are expected to be eligible for incentives under the New York State Energy Research and Development Authority (NYSERDA) NY-Sun Program.

There are several risks associated with the development of the Projects. The development of any project is subject to required permits, the continued availability of third-party financing arrangements for Qcells, the risks associated with the construction of a solar energy project. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for solar energy projects, which could result in future projects no longer being economic. Qcells will pay the purchase price for the Projects, and construction costs under the EPC agreements, in stages. If Qcells does not obtain the necessary financing, the Company is obligated to reacquire the projects subject to retention of an initial payment. Please refer to "Forward-Looking Statements" for additional discussion of the assumptions and risk factors associated with the projects and statements made in this press release.

Qcells | https://qcells.com/us

SolarBank Corporation | www.solarbankcorp.com