Bitcoin Purchases to be made by SolarBank Using Net Cash from Geddes Solar Power Project
Press Release
Jun. 5, 2025
Key Highlights:
• Among the First Renewable Energy Companies to Implement Bitcoin Treasury Strategy
• 3.79 MW Geddes Project Expected to Generate Revenue Starting this Month
• 1+ Gigawatt Development Pipeline Positions Company for Growth
• Joining Other Forward-Thinking Corporations in Bitcoin Adoption
Toronto, Ontario, June 5, 2025 — SolarBank Corporation (NASDAQ: SUUN; Cboe CA: SUNN, FSE: GY2) (“SolarBank” or the “Company”) a leader in distributed solar energy, battery storage, and clean energy infrastructure across North America, announced today that further to the announcement of its Bitcoin treasury strategy on June 3rd, it is taking the first step in implementing this strategy by allocating the net cash generated by its Geddes Solar Power Project (the “Geddes Project”) to acquire Bitcoin. This positions SolarBank among the pioneering renewable energy companies to adopt a Bitcoin treasury strategy, joining other corporations that have successfully added Bitcoin to their balance sheets.
The Company is evaluating extending this Bitcoin treasury strategy to other solar and battery energy storage projects that it is developing as assets it intends to own as an independent power producer.
How the Solar-to-Bitcoin Model Works:
1. Solar panels at the Geddes facility generate 3.79 MW of DC electricity.
2. Power is sold to community solar subscribers through power subscription agreements.
3. Net revenue after operational costs flows to corporate treasury.
4. Designated portion allocated to Bitcoin purchases based on market conditions.
5. Creates dual value streams: stable energy revenue + digital asset holdings.
The Geddes Project, which has a designed capacity of 3.79 megawatts (MW) DC, is repurposing a closed landfill, addressing two critical challenges: the need for clean energy and the transformation of contaminated sites into valuable assets. The project represents part of SolarBank’s broader 1+ gigawatt development pipeline, positioning the company for potential capacity growth over its current 32+ MW of operating assets. The Geddes Project is expected to become operational and commence producing power and revenue before the end of June 2025. The Company will provide specific Bitcoin allocation percentages after the project commences commercial operation.
Dr. Richard Lu commented: “I am pleased we are moving forward with the first step in our Bitcoin treasury strategy. Geddes is the largest power producing assets that SolarBank will have operational and this strategy provides a sustainable way to add Bitcoin to SolarBank’s balance sheet. By converting solar energy revenue into digital assets, we’re creating a unique value proposition that combines the stable cash flows of renewable energy with the potential appreciation of Bitcoin, while supporting grid decarbonization and distributed energy resources (DER) expansion.”
Strategic Rationale and Market Opportunity
SolarBank’s innovative approach leverages several key market trends:
- Growing institutional adoption of Bitcoin as a treasury reserve asset.
- Increasing demand for distributed solar and battery storage solutions.
- Enhanced revenue opportunities from renewable energy projects.
- Rising importance of energy resilience and microgrid capabilities.
The actual timing and value of Bitcoin purchases, under the allocation strategy will be determined by management in its discretion based on the net cash produced by the Geddes Project after taking into consideration capital and operating costs, and debt service obligations. Purchases will also depend on several factors, including, among others, general market and business conditions, the trading price of Bitcoin and the anticipated cash needs of SolarBank. The allocation strategy may be suspended, discontinued or modified at any time for any reason. As of the date of this press release, no Bitcoin purchases have been made.
About SolarBank Corporation
SolarBank Corporation is an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects in Canada and the USA. With over 100 MW of completed projects and a 1+ GW development pipeline across multiple North American markets, SolarBank is positioned as a high-growth player in the renewable energy sector.
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. The Company maximizes returns via a diverse portfolio of projects across multiple leading North America markets including projects with utilities, host off-takers, community solar, and virtual net metering projects. The Company has a potential development pipeline of over one gigawatt and has developed renewable and clean energy projects with a combined capacity of over 100 megawatts built. To learn more about SolarBank, please visit www.solarbankcorp.com.
For further information, please contact:
SolarBank Corporation
Tracy Zheng
Email: tracy.zheng@solarbankcorp.com
Phone: 416.494.9559
IBF4
