09:41 AM EDT, 08/22/2024 (MT Newswires) -- SolarBank ( SUUN ) said Thursday it plans to develop a 6.41-megawatt DC ground mount solar power project in East Bloomfield, New York.

The company said the project, which will operate as a community solar site, is expected to qualify for incentives under the New York State Energy Research and Development Authority's NY-Sun Program.

SolarBank ( SUUN ) said it has secured a lease for the project site, obtained interconnection approval, and has been granted a special use permit by East Bloomfield.

Once operational, the project is anticipated to serve more than 800 homes, the clean energy project developer added.

SolarBank's ( SUUN ) stock was down 2% in early trading Thursday.

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