07:49 AM EST, 11/27/2024 (MT Newswires) -- Solarbank ( SUUN ) said Wednesday that its unit had secured financing for battery energy storage projects in the form of a $3 million loan from RE Royalties.

The company said it is developing three 4.99 megawatt battery energy storage systems in Ontario.

The loan, which bears an 11% interest rate, will be paid in a single installment and will mature on Nov. 26, 2025.

The lender will also pay a royalty ranging from 0.25% to 0.40% of the projects' gross revenues.