Performance Summary

• Profit of $20.83 billion for Q4, marking a 49% increase from $14.02 billion in the same period last year.
• This translated to earnings of $8.02 per share, up from $5.33 per share a year ago. Revenue for the quarter grew by 21%, reaching $48.39 billion, compared to $40.11 billion in Q4
• For the entire 2024, revenue reached $164.5 billion, a 22% increase compared to 2023. Higher ad impressions and an increase in the average price per ad drove this growth.

Meta’s Family of Apps, including Facebook, Instagram, and WhatsApp, saw strong user engagement. Daily active users reached 3.35 billion in December, marking a 5% year-over-year growth.

Rising Costs and AI Investment

While revenue soared, expenses also increased. Costs and expenses for the full year rose by 8% to $95.12 billion. In Q4 alone, Meta reported $25.02 billion in costs, including a $1.55 billion reduction in legal losses, which offset some expenses. Capital expenditures for the year totaled $39.23 billion.

CEO Mark Zuckerberg expressed himself on Meta’s solid performance. He said,

“I expect 2025 to be the year when a highly intelligent and personalized AI assistant reaches more than 1 billion people, and I expect Meta AI to lead the way.”

Meta’s strong Q4 results reflect its ability to leverage advertising growth and user engagement while navigating rising costs. However, with significant investments in AI on the horizon, 2025 will be a key year for the company’s long-term vision.

• RELATED: Meta’s Q2 Triumph: Earnings Soar And Carbon Removal Deals Multiply

Microsoft’s Robust Results Driven by AI and Cloud Growth

Microsoft also posted its financial results for the quarter ending December 31, 2024, fueled by strong performance in its AI and cloud segments. The performance snapshot is explained below:

• Revenue reached $69.6 billion, a 12% increase compared to the same period in 2023.
• Operating income grew 17% to $31.7 billion. Net income rose 10% to $24.1 billion, with earnings per share at $3.23.

Satya Nadella, chairman and CEO of Microsoft noted,

“We are innovating across our tech stack and helping customers unlock the full ROI of AI to capture the massive opportunity ahead. Already, our AI business has surpassed an annual revenue run rate of $13 billion, up 175% year-over-year.”

Key Business Highlights

• The Productivity and Business Processes segment reported $29.4 billion in revenue, a 14% increase driven by strong demand for Microsoft 365 and Dynamics 365.
• Intelligent Cloud revenue grew 19% to $25.5 billion, with Azure and other cloud services leading the growth with a 31% increase.
• The More Personal Computing segment remained flat at $14.7 billion, although search and advertising revenue grew by 21%, and Windows OEM revenue increased by 4%.

Cloud and AI Lead the Way

Amy Hood, executive vice president and chief financial officer of Microsoft said,

“This quarter Microsoft Cloud revenue was $40.9 billion, up 21% year-over-year. We remain committed to balancing operational discipline with continued investments in our cloud and AI infrastructure.”

Looking ahead, Microsoft expects Azure growth of 31-32% for the third fiscal quarter. At the same time, Hood also highlighted challenges with capacity constraints but remains optimistic about future growth opportunities.

• RELATED: Microsoft Reported Q2 Record Earnings, How About Its Carbon Negative Goals? 

Meta Vs Microsoft: Comparative Analysis of Emission Reduction and Net Zero Goals

Both Microsoft and Meta are committed to reducing their greenhouse gas (GHG) emissions, with ambitious goals aimed at achieving net-zero across their global operations and value chains. However, their emissions profiles and strategies show some key differences.

Meta’s Commitment to Net Zero Emissions

As per its latest sustainability report, in 2023, Meta’s net emissions equaled 7.4 million metric tons of CO2. Key commitments include:

• Reducing Scope 1 and 2 emissions by 42% by 2031, compared to a 2021 baseline, and ensuring maximum suppliers adopt science-aligned GHG reduction targets by 2026.
• Keep Scope 3 emissions at or below 2021 levels by 2031.
• Since 2020, Meta has successfully maintained net zero emissions in its operations, and it is on track to achieve net zero across its entire value chain by 2030.

To address residual emissions, Meta is investing in both nature-based and technological carbon removal projects, which help mitigate climate change and provide broader environmental benefits, including enhanced biodiversity.

Scaling Renewable Energy

Renewable energy has played a pivotal role in Meta’s emissions reduction strategy.

• In 2023 alone, the company’s renewable energy initiatives helped cut operational emissions by 5.1 million tons of CO2e, while value chain emissions were reduced by 1.4 million tons of CO2e.

Through strategic partnerships with utilities such as Pacific Power and Dominion Energy, Meta has facilitated the addition of 2,600 MW of new wind and solar capacity in the U.S., making clean energy more accessible.

• As of 2023, Meta’s global renewable energy portfolio exceeded 11,700 MW, with over 6,700 MW of that capacity online in the U.S.

Data Center Efficiency and Carbon Removal Solutions

Meta’s data center facilities have achieved LEED Gold Certification or higher and are powered by 100% renewable energy to meet their electricity needs.

In addition, 91% of the construction waste generated by Meta’s data centers was recycled in 2023. Additionally, it reduces embedded carbon by extending hardware lifespan and using recycled plastics and metals, promoting a circular model to cut waste and carbon impact.

Meta also uses “green tariffs”, which allow the company to purchase renewable energy directly from electricity providers. This not only supports clean energy projects but also increases the accessibility of renewable resources to a wider customer base.

• READ MORE: Meta Invests in 4 Big U.S. Solar Projects to Power its Growing Energy Needs

In 2023, Microsoft made significant strides in its commitment to sustainability, expanding its contracted renewable energy portfolio to over 19.8 GW across 21 countries.

Scope Emissions

• Scope 3 emissions which account for over 96% of Microsoft’s total emissions rose by 30.9% in 2023.
• Overall greenhouse gas (GHG) emissions were 15.4 MtCO₂e in 2023, a 29.1% rise as compared to the 2020 baseline.

This increase was largely driven by upstream purchased goods and services and downstream use of sold products. However, as per Microsoft, it has achieved a 6% reduction in Scope 1 and 2 emissions compared to its 2020 baseline by adopting renewable energy and energy efficiency initiatives.

Data Centers Efficiency and Fleet Electrification

In its data centers, Microsoft has focused on maximizing energy efficiency. In 2023, its data centers achieved a Power Usage Effectiveness (PUE) score of 1.12, demonstrating the company’s commitment to minimizing energy use while optimizing operations.

Additionally, the company reduced its Azure hardware needs by 1.5%, minimizing embodied carbon in the process. It is also transitioning to a 100% electric fleet by 2030, with infrastructure development already underway at its Redmond headquarters.

Overall, both companies are taking significant steps toward reducing their carbon footprint. Meta is focused on keeping Scope 3 emissions steady while scaling renewable energy adoption, whereas Microsoft faces a rise in Scope 3 emissions which is a matter of concern.

Additionally, Microsoft’s total GHG emissions are significantly higher than Meta’s. Yet it’s continuing to prioritize its energy efficiency in its operations and decarbonize its supply chain to achieve its net zero goals.

• FURTHER READING: Microsoft Buys 3.5 Million Carbon Credits to Offset AI’s Soaring Emissions

The post Meta Vs. Microsoft: Who’s Leading the Q4 Revenue Game and Net Zero Goals? appeared first on Carbon Credits.

SolarBank Corporation (Nasdaq: SUUN) (Cboe CA: SUNN) (FSE: GY2) has marked a successful 2024 with major financial transactions, strategic acquisitions, and key project developments. The company continues to expand its role in clean energy, delivering reliable and sustainable power across North America.

SolarBank is an independent renewable energy developer specializing in distributed and community solar projects across Canada and the U.S. The company focuses on solar, battery energy storage, and EV charging solutions, serving utilities, commercial entities, municipalities, and residential customers. 

With a pipeline exceeding one gigawatt and over 100 megawatts of completed projects, SolarBank continues to drive the clean energy transition forward. Dr. Richard Lu, CEO of SolarBank, highlighted the company’s achievements last year, stating, 

“We experienced another year of tremendous growth and accomplishments in 2024 with a number of significant milestones achieved, including project completions, major acquisitions, execution on the development pipeline, major project sales and senior stock exchange listings. We predict continued forward momentum on these projects and new initiatives, on all of which we will provide ongoing updates as appropriate.”

Big Money Moves: SolarBank Key Financial Transactions and Acquisitions

SolarBank secured over US$ 67.5 million in financial commitments from strategic and financial partners. Among the key deals are:

• $49.5 million transaction with Qcells for the sale and construction of four solar projects in New York. These projects will use U.S.-manufactured Qcells solar modules, aligning with the broader $2.8 billion investment by Qcells in U.S. solar manufacturing.
• $25.8 million project finance facility from the Royal Bank of Canada to fund two battery energy storage projects acquired through Solar Flow-Through Funds Ltd.
• $45 million acquisition of Solar Flow-Through Funds Ltd. (SFF), strengthening SolarBank’s portfolio and expanding its renewable energy footprint.

SEE MORE: SolarBank’s $49.5M Qcells Deal Accelerates U.S. Solar Growth – Exclusive Interview with CEO Dr. Richard Lu

Corporate Growth and Market Presence

SolarBank has strengthened its corporate presence through stock exchange listings and leadership expansion. The company made a significant leap in market positioning when it began trading on the Nasdaq Global Market on April 8, 2024. It achieves qualification under the second-highest tier of eligibility requirements. This move not only enhances SolarBank’s visibility but also provides greater access to capital markets.

Earlier in the year, on February 14, 2024, SolarBank secured a listing on Cboe Canada, a trading platform that handles over US$ 67 billion in average daily trading volume. This dual listing underscores the company’s growing reputation and financial stability.

In addition to market expansion, SolarBank has reinforced its leadership team. Chelsea L. Nickles, a renewable energy expert with over 20 years of experience, joined the board as an independent director. Her background includes significant contributions to offshore wind projects for Ørsted, a global leader in the sector, positioning her as a valuable asset to SolarBank’s strategic vision.

The Data Center Pivot: Eyeing AI-powered Solutions

In addition to solar energy, SolarBank is venturing into the growing data center sector. The company aims to become a developer, owner, and strategic partner in data center infrastructure, integrating sustainable energy solutions to support artificial intelligence (AI) and high-performance computing. 

While no data center projects are under development yet, SolarBank is actively exploring opportunities and plans to provide updates on future agreements.

Key Solar Projects and Developments

SolarBank has made significant progress in expanding its renewable energy portfolio with multiple projects across North America. Notable developments include:

• $41 million transaction with Honeywell International Inc.: SolarBank reached mechanical completion on three community solar projects under an Engineering, Procurement, and Construction (EPC) contract with Honeywell. The company expects to retain operations and maintenance responsibilities post-construction.
• Fiera Real Estate Pilot Project: Construction began on a 1.4 MW rooftop solar project in Alberta for Fiera Real Estate. The company manages over US$7 billion in commercial real estate.

Other major solar projects in the pipeline include:

• Geddes Solar Project (3.7 MW DC) in New York: Expected to provide green energy to 500 homes.
• Greenville, NY Community Solar (14 MW DC total): Expected to serve 1,600 homes.
• Nassau, NY Solar Project (3 MW DC): Designed to supply energy to 350 homes.
• Skaneateles & Lewiston, NY (19.3 MW DC total): Three community solar projects expected to power 2,260 homes.
• Camillus, NY Solar Project (3.15 MW DC): Designed to provide energy to 360 homes.
• Nova Scotia Community Solar Program (31 MW DC total): Projects developed in partnership with TriMac Engineering to supply green energy to 4,000 homes.

Ongoing and Future Projects

SolarBank continues to expand with new developments across multiple locations. Some key upcoming projects include:

• Oak Orchard Project (7 MW DC) in Clay, NY.
• Boyle Project (5.4 MW DC) in Broome County, NY, incorporating agrivoltaics, where solar panels share land with agricultural activities.
• Hwy 28 Project (7 MW DC) in Middletown, NY.
• Silver Springs Project (2.9 MW DC) in Gainesville, NY.
• Three Pennsylvania Community Solar Projects (24.8 MW DC total), pending state legislative approval.
• North Main Project (7.2 MW DC) in Wyoming County, NY.
• West Petpeswick Project (3.1 MW DC) in Nova Scotia.

Future-Proofing Growth: Risks, Rewards, and What’s Next for SolarBank

Despite its strong progress, SolarBank faces several risks that could impact its growth trajectory. The completion of solar projects depends heavily on third-party financing, which may introduce delays or unforeseen construction challenges. 

Additionally, regulatory and policy uncertainties could affect the economic feasibility of future developments and solar growth, as government incentives play a crucial role in clean energy investments.

SolarBank’s planned entry into the data center market also comes with risks. While the company sees significant potential in this sector, no agreements have been finalized, and the initiative remains in the exploratory phase. The success of this venture will depend on securing viable partnerships and developing infrastructure that aligns with sustainability goals.

SolarBank’s rapid growth in 2024 highlights its strong position in the renewable energy sector. With successful financial deals, key acquisitions, and a growing project portfolio, the company is well-positioned to capitalize on clean energy demand. 

• READ MORE: SolarBank Sparks Solar Surge: A Bright Future for U.S. Renewable Energy

Disclosure: Owners, members, directors, and employees of carboncredits.com have/may have stock or option positions in any of the companies mentioned: SUUN.

Carboncredits.com receives compensation for this publication and has a business relationship with any company whose stock(s) is/are mentioned in this article.

Additional disclosure: This communication serves the sole purpose of adding value to the research process and is for information only. Please do your own due diligence. Every investment in securities mentioned in publications of carboncredits.com involves risks that could lead to a total loss of the invested capital.

Please read our Full RISKS and DISCLOSURE here.

The post SolarBank Unveils 2024 Milestones: US$67.5 Million and a Bold AI Energy Bet appeared first on Carbon Credits.

Starbucks has brewed up a moderately strong performance in Q1, raking in $1.9 billion in international revenue. Yet, despite its global success, people’s go-to coffee brand has experienced a dip in sales in key markets like North America and China.

Beyond its global growth, the coffee giant is deeply committed to brewing a sustainable future, with a wide array of green initiatives driving its mission forward.

A Closer Look at Starbucks’ Q1 FY25 Financial Results

At present, Starbucks has 40,576 stores worldwide. It’s a 5% growth year-over-year. Of these, 53% are company-operated, while 47% are licensed. It added 377 net new stores during this sole quarter. The U.S. and China remain critical to Starbucks’ portfolio, comprising 61% of global stores.

Brian Niccol, chairman and chief executive officer of Starbucks remarked on the first quarter’s performance noting,

“While we’re only one quarter into our turnaround, we’re moving quickly to act on the ‘Back to Starbucks’ efforts and we’ve seen a positive response. We believe this is the fundamental change in strategy needed to solve our underlying issues, restore confidence in our brand and return the business to sustainable, long-term growth.”

Starbucks Global Sales Decline

This quarter revealed a sales drop of 4% globally, driven by a 6% drop in customer transactions. However, a 3% increase in average ticket size helped soften the decline. Revenue for the quarter remained flat at $9.4 billion compared to Q1 FY24.

North America 

Sales declined by 4%, primarily due to an 8% drop in transactions. A 4% increase in ticket size was insufficient to offset lower foot traffic. Net revenues in the region dropped 1% year-over-year to $7.1 billion, partially due to a decline in the licensed store business.

International Markets

Sales decreased by 4%, as both average ticket size and customer transactions fell by 2%. Despite this, net revenues increased 1% to $1.9 billion, driven by 9% store growth and incremental revenue from acquiring a U.K. licensed business partner.

China

Starbucks’ second-largest market saw a sharper decline, with sales down 6%. Average ticket size fell by 4%, while transactions dipped by 2%.

Operating Margin and Earnings Shrink

Operating margin dropped by 390 basis points to 11.9%, down from 15.8% from the last year. This was due to increased investments in the “Back to Starbucks” initiative, supporting partner wages and benefits, as well as the removal of the non-dairy milk charge.

• In North America, operating income dropped to $1.2 billion, while the international segment also saw a decline, with operating income reaching $237.1 million.

Furthermore, Channel Development revenue fell 3% to $436.3 million, driven by SKU optimization and a decline in ready-to-drink sales. However, operating margins improved slightly to 47.7% due to lower product costs and changes in the product mix.

Loyalty Program Offers Relief

The Starbucks Rewards program showed modest growth, with U.S. 90-day active members reaching 34.6 million, a 1% year-over-year increase. This indicates that while customer transactions are down, loyal customers continue to engage with the brand.

While sales in key markets like North America and China are still under pressure, Starbucks is working on improving operational efficiency and making pricing adjustments to help recover in the coming quarters. In the next section, we will study the company’s sustainability efforts and how it’s tackling its carbon footprint across global operations.

• READ MORE: Starbucks Carbon Reductions Brewing Up As Stock Price Drops

Starbucks’ Climate Commitment for a Greener Future

Starbucks aims to cut its water and carbon footprint by 50% by 2030. To achieve this, it is adopting greener practices and building resilience to environmental challenges. The company is tackling climate risks by forecasting supply chain disruptions and resource shortages. By addressing issues like carbon pricing and physical risks it wants to secure a sustainable future for its coffee operations.

Additionally, they are taking environmental efforts further by partnering with Mercedes-Benz to expand electric vehicle (EV) charging at its stores.

Scope 1, 2, and 3 Emissions

Starbucks’ total greenhouse gas (GHG) emissions across Scope 1, 2, and 3 categories reached 13.5 million metric tons as of the latest report. This marks an 8% increase in emissions compared to the 2019 baseline.

Notably fluid dairy purchases accounted for 18% of these emissions, while green coffee purchases contributed another 11%.

Sustainable Initiatives

• Support sustainability through reforestation, regenerative agriculture, and waste reduction.
• Prioritize eco-friendly sourcing for coffee, timber, and cocoa
• Collaborate closely with suppliers and farmers to lessen its environmental impact.
• Reduce its carbon footprint by streamlining operations, using renewable energy, and cutting emissions.
• Address waste management by recycling, reusing, and reducing food waste
• Use reusable and compostable packaging material made from recycled content.

Greener Stores Leading the Way

By April 2023, Starbucks had over 3,500 certified “Greener Stores” globally. This brings the company closer to its goal of 10,000 Greener Stores by 2025. These stores meet 25 standards for energy, water, and waste efficiency.

The certification, developed with the World Wildlife Fund and SCS Global Services, is verified by external auditors. This is how Starbucks ensures these stores follow sustainable practices throughout their lifecycle.

Starbucks’ ability to adapt to shifting consumer trends will play a key role in its recovery and long-term growth. As the company continues to enhance its sustainable practices, it’s not only shaping a more environmentally responsible business but also offering consumers a healthier, eco-conscious way to enjoy their favorite cup of coffee.

• READ MORE: Brew Green: Nestlé Boosts Arabica Supply Chain to Lower Carbon Footprint 

The post Starbucks Rakes in $1.9B International Revenue Amid Sales Dip: But how is its Sustainability Brewing Up? appeared first on Carbon Credits.

Solar energy is experiencing a remarkable surge in the U.S., driven by significant new installations and strong policy support. This growth is largely due to developers completing projects in the last year and opening new opportunities in 2025. Amid this surge, SolarBank, a leading North American solar company, is pivotal in developing commercial, industrial, and community solar projects in the U.S.

Thus, as the U.S. energy landscape undergoes a major shift, wind and solar are set to lead the charge in powering the nation’s future. With this transformation underway, solar energy will play an even bigger role in the coming years.

Solar Power Fuels America’s Clean Energy Boom

According to recent EIA’s Short-Term Energy Outlook projections, solar power generation is set to experience remarkable expansion, rising 75% from 163 billion kilowatt-hours (kWh) in 2023 to 286 billion kWh by 2025.

Supply chain issues, grid connection delays, and tariff increases on imported modules pose challenges, but federal and state incentives continue to support solar’s momentum. While obstacles remain, reforms and incentives offer hope for accelerated growth in the coming years.

In 2023, renewables—including wind, solar, hydro, biomass, and geothermal—accounted for 22% of the U.S.’s 4,017 billion kWh of electricity generated, amounting to 874 billion kWh.

Moving on, IEA says, the U.S. is set to add significant solar PV capacity, leading the renewable energy surge with nearly 500 GW projected by 2030. Utility-scale solar sees steady growth, driven by the Inflation Reduction Act (IRA) and federal tax credits, even as residential expansion slows due to California’s new net-metering rules and high interest rates.

IEA U.S. Solar Energy 2030 Forecast

Nonetheless, America’s solar sector continues to expand rapidly, with significant growth in both stand-alone utility-scale solar capacity and hybrid solar-plus-storage installations.

Stand-Alone Utility-Scale Solar Capacity

According to S&P Global’s latest solar report, in 2024, annual additions to stand-alone utility-scale solar capacity reached around 11,190 megawatts (MW), bringing the total capacity to an impressive 92,832 MW. This increase underscores the growing role of large-scale solar projects in meeting the nation’s energy needs.

However, utility-scale solar in the U.S. still lags behind wind energy in terms of total operating capacity. The country currently operates about 116 GW of solar capacity. This excludes residential and most behind-the-meter systems. Around 93 GW comes from stand-alone projects without battery storage or other technologies.

Hybrid Solar-Plus-Storage

The hybrid solar-plus-storage segment is also experiencing remarkable progress. Data from S&P Global indicates that by October 1, 2024 (YTD), annual additions in this category include 6,257.2 MW of solar capacity and 2,814.8 MW of storage capacity. These additions bring the total operating hybrid solar capacity to 22,826.2 MW and the total storage capacity to 9,925.7 MW.

This growth reflects the increasing integration of energy storage systems with solar installations, which enhances grid reliability and enables efficient energy use.

The expansion of both stand-alone and hybrid solar capacities demonstrates solar’s critical contribution to the U.S. energy transition and its ability to support a cleaner, more sustainable power grid

• SEE MORE: Solar-Plus-Storage: The Hybrid Solution Revolutionizing America’s Clean Energy Landscape

The Solar Industry Thrives Amid Federal Policy Shifts

A report from PV Magazine sheds light on the current hurdles in the U.S. solar industry as federal policy debates intensify. There are ongoing discussions about scaling back the Inflation Reduction Act (IRA) and cutting support from the Department of Energy’s Loan Programs Office, which has raised concerns within this sector.

New tariffs on Chinese imports could increase the cost of solar projects, potentially slowing installations in the short term. However, the rapid growth of the domestic solar supply chain offers a silver lining. This growth, particularly in Republican-majority states, highlights the bipartisan support for clean energy investments.

Local Momentum and Distributed Solar Opportunities

Moreover, this expansion of local manufacturing could play a key role in reducing the impact of potential policy rollbacks. As a result, the long-term growth prospects of the solar industry remain strong, and it continues to be a vital part of the nation’s renewable energy future.

Notably, renewable energy projects have already brought in $106 billion in investments and created thousands of jobs across U.S. communities. Public demand for affordable, clean energy remains strong, especially in areas benefiting from solar projects. This local momentum will likely keep solar growing, even if federal incentives face cuts.

Furthermore, distributed solar systems offer a major opportunity. These systems deliver power where it’s needed. This reduces costs and boosts energy independence. Federal incentives, like the IRA’s domestic content bonus, have encouraged developers to use local materials, supporting the industry’s growth.

Looking forward, many solar projects will focus on energy communities. This shift signals continued solar expansion and a bright future for the industry in the U.S., with solar playing a key role in sustainable, localized energy solutions. One such company, leading by example is SolarBank.

SolarBank: Powering a Sustainable Future with Innovative Solar Solutions

In the age of solar, SolarBank is delivering clean and renewable energy solutions for the digital age. Listed on NASDAQ as SUUN, the company believes in “harnessing the power of the sun to provide sustainable energy as long as it shines.”

With a market cap of $53.33 million and an enterprise value of $53.60 million, SolarBank focuses on driving sustainable profit growth. Its top solar projects include Ontario’s small FIT solar gardens and New York’s community solar farms, which will expand into large-scale data center projects over 100 MW.

• It projects the North American solar PV market to grow to $120.74 billion by 2027, with a remarkable compound annual growth rate (CAGR) of 21.7% from 2020 to 2027.

This strong growth highlights the increasing demand for solar energy solutions across the region. Furthermore, the company strategically targets carbon-intensive markets with high electricity costs and favorable renewable energy policies.

It is expanding its expertise in rooftop and ground-mount solar. It is also moving into commercial and industrial behind-the-meter projects, battery storage, EV charging stations, and data center power solutions. These efforts meet the rising demand for low-carbon digital infrastructure.

More Than a Decade of Strong Revenue Growth

Source: SolarBank

Advancing Community Solar Initiatives

As mentioned earlier, community solar is significantly reshaping the U.S. energy landscape. As of 2023, 23 states and the District of Columbia have implemented policies supporting community solar projects.

These efforts have resulted in over 8 GW of installed capacity, with projections indicating growth to 14 GW by 2028, driven by an annual expansion rate of 1.5 GW. Moreover, the deployment of community solar-plus-storage systems is expected to rise by 219% by 2028.

Notably, SolarBank is also developing community solar projects in New York and Maryland, with over 250 MW currently in progress.

SolarBank’s $49.5M Qcells Deal

The company recently announced a $49.5 million deal with Qcells, a subsidiary of South Korea’s Hanwha Solutions, to sell four solar projects in upstate New York. These ground-mount projects—Gainesville, Hardie, Rice Road, and Hwy 28—have a combined capacity of 25.577 MW and have passed the CESIR process, confirming grid connection feasibility.

Under engineering, procurement, and construction (EPC) agreements, Qcells will develop the sites. SolarBank will manage operations and maintenance post-construction, with the projects serving as community solar systems, providing shared clean energy benefits without the need for home installations.

Supporting Renewable Energy for Data Centers

Electricity use from cloud computing, AI, and cryptocurrency is set to double by 2026, pushing companies to invest heavily in clean energy. And this rising demand is adding about 15 GW of renewable energy capacity each year.

These investments not only meet power needs but also boost brand image, improve resilience, and comply with stricter regulations. SolarBank supports this shift by delivering tailored energy solutions for modern industries.

Expands into BESS with $3M Boost

SolarBank Corporation is advancing its clean energy strategy by entering the battery energy storage market with $3 million in financing from RE Royalties Ltd. The funds will support three 4.99 MW Battery Energy Storage System (BESS) projects in Ontario.

The company got involved in the projects through its $45 million acquisition of Solar Flow-Through Funds Ltd., which was completed in July 2024. It aims to capitalize on the market forecast by Fortune Business Insights that predicts project growth at a 16.3% annual rate and reaching $31.2 billion by 2029. Thus, this acquisition expanded the company’s renewable energy assets and opportunities in energy storage.

SolarBank’s Strong Visibility to Continued Growth

In conclusion, solar energy’s rapid expansion is crucial to the U.S. energy transition, offering a reliable path to decarbonize the power sector. SolarBank, through its focus on commercial, industrial, and community solar projects, is playing a key role in this shift. As technology advances and supportive policies continue, solar’s growing influence will help shape a cleaner and more sustainable energy future

• FURTHER READING: Top Solar Titans and How They Power the Green Energy Transition

Disclosure: Owners, members, directors, and employees of carboncredits.com have/may have stock or option positions in any of the companies mentioned: SUUN.

Carboncredits.com receives compensation for this publication and has a business relationship with any company whose stock(s) is/are mentioned in this article.

Additional disclosure: This communication serves the sole purpose of adding value to the research process and is for information only. Please do your own due diligence. Every investment in securities mentioned in publications of carboncredits.com involves risks that could lead to a total loss of the invested capital.

Please read our Full RISKS and DISCLOSURE here.

The post SolarBank Sparks Solar Surge: A Bright Future for the U.S. Renewable Energy appeared first on Carbon Credits.