-24.8 MW of Projects Expected in the Near Term -820 Homes Expected to be Powered by this Project -SolarBank's First Community Solar Project in Pennsylvania

SolarBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) ("SolarBank" or the "Company") is excited to announce its plans to develop a 7 MW DC ground-mount solar power project known as the Stauffer project (the "Project") on a site located in Lancaster County, Pennsylvania. This Project is in addition to the 13.8 MW DC project announced last week, both of which are part of a set of projects expected to total 24.8 MW DC in size.

The proposed community solar project - which would be one of the first of its kind in Pennsylvania - would provide residents, including renters and those without suitable rooftops, with access to solar energy without the commitment of installing panels on their own properties.

On March 26, 2024, the Pennsylvania House of Representatives passed House Bill 1842, a bill enabling the potential development of community solar projects in the state, paving the way for companies like SolarBank to expand into the region and provide clean energy to residents of various income levels. The bill is currently under review by the Senate of Pennsylvania.

"Community solar projects enable the benefits of renewable energy to proliferate throughout communities in North America," stated SolarBank CEO, Dr. Richard Lu, "Community members can subscribe to a shared solar power source and contribute to building a sustainable future without having to install their own panels. We are excited for the next steps in developing the Stauffer project, which would be a significant milestone in SolarBank's community solar portfolio, in addition to being a part of Pennsylvania's historic move toward a cleaner future."

The Company has secured a lease over the Project site and will continue to work to complete the next steps in permitting, interconnection and securing the necessary financing for construction of the Project. The development of the Project as a community solar project will be subject to the final approval of House Bill 1842 by the State government of Pennsylvania.

The clean energy generated by a community solar project feeds directly into the local electricity grid. Depending on the size and number of panels the project has, dozens or even hundreds of renters and homeowners can earn credits on their electric bill and save money from the electricity that is generated by the project. SolarBank's strategic focus on community solar aligns with its goal of powering thousands of homes with clean and affordable energy.

There are several risks associated with the development of the Project. The development of any project is subject to receipt of interconnection approval, required permits, the continued availability of third-party financing arrangements for the Company and the risks associated with the construction of a solar power project. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for solar power, which could result in future projects no longer being economic. Please refer to "Forward-Looking Statements" for additional discussion of the assumptions and risk factors associated with the statements in this press release.

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. 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.