08:16 AM EDT, 04/10/2024 (MT Newswires) -- SolarBank Corp. (SUNN.CN), an independent renewable and clean energy project developer, said earlier Wednesday that it has closed the purchase from Storke Renewables LLC of a development stage solar project located in the Town of Camillus, New York, on a closed landfill.

The company's stock surged in premarket US trading on Wednesday.

SolarBank plans to develop a 3.15-megawatt DC ground-mount solar power project on the site that will operate as a community solar project. The project is expected to be eligible for incentives under the New York State Energy Research and Development Authority NY-Sun Program.

The project has secured interconnection approval and is in the final stage of the permitting process. SolarBank will continue to advance the project through the permitting process and secure the necessary financing for its construction. The project is expected to begin construction in the third quarter of 2024 and become operational in the second quarter of 2025.

The project will be operated as a community solar project following completion.