10:12 AM EDT, 08/22/2024 (MT Newswires) -- (Updates with the latest stock movement in the headline and the first paragraph.)

SolarBank ( SUUN ) shares rose more than 5% in recent trading Thursday after the company said 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.

Price: 4.54, Change: +0.23, Percent Change: +5.34