SolarBank surges on $49.5M New York solar project sale to Qcells

SolarBank (NASDAQ:SUUN) +9.6% in Monday's trading after saying it agreed to sell four ground-mount solar power projects in upstate New York to Hanwha Solutions' Qcells subsidiary for $49.5M.

The Gainesville, Hardie, Rice Road and Hwy 28 projects with a combined targeted capacity of 25.57 MW were originated by SolarBank (SUUN) and are currently under development; they will be equipped with Qcells modules manufactured in the U.S. and will be operated as community solar farms.

SolarBank (SUUN) said it will continue to build the projects for Qcells to commercial operation through engineering, procurement and construction agreements, and expects to retain an operations and maintenance contract for the projects following the completion of construction.

Qcells has said it plans to spend nearly $2.8B to boost U.S. domestic solar manufacturing and innovation to support the U.S. clean energy transition.