How SolarBank is ready to ride policy shifts in U.S. and Canada
As the U.S. solar market reorients around a new policy deadline set by the recently signed Big Beautiful Bill (BBB), developers are facing fresh urgency to break ground on projects before July 4, 2026. Where will projects get done? SolarBank Corp., a North American solar and battery storage developer, recently explained how its Canada portfolio will be crucial as it adjusts to new U.S. solar policy.
“SolarBank is prepared,” said Richard Lu, CEO of SolarBank. “We have enough advanced-stage projects we can get into construction before the deadline to take advantage of the tax credits. In particular, there is still enough time to execute on the projects supported by the $100 million financing with CIM.”
Secured capital
A key factor in SolarBank’s ability to move quickly is the $100 million in project-level capital secured through a partnership with CIM Group. That funding supports a 97 MW portfolio of solar projects that the company expects to mobilize in high-value markets across the U.S.
Solar-ready states a priority
The BBB outlines that solar and storage projects must begin construction by July 4, 2026, to qualify for the full federal investment tax credit (ITC), as long as they reach commercial operation within four years. In response, SolarBank is prioritizing development in U.S. states where project readiness — from site control to permitting — is far enough along to meet the new criteria.
Shift to Canada
At the same time, SolarBank is benefiting from policy stability north of the border. Its Canadian footprint, spanning Ontario and Nova Scotia, provides a diversified hedge against shifting U.S. incentives. In Ontario, SolarBank is deploying battery storage systems through the IESO’s Long-Term RFP framework — a procurement mechanism designed to secure long-duration, dispatchable capacity. Meanwhile, in Nova Scotia, the company is a market leader in the province’s Community Solar program and continues to expand its role.
“SolarBank benefits from Canada’s support to clean energy,” Lu said, adding that the company is “leading the charge to build Canada as an energy superpower.” He pointed to the Canadian government’s new “Build, baby, build” initiative — a campaign led by Prime Minister Mark Carney to fast-track infrastructure and clean energy development — as a further tailwind for shovel-ready solar assets.
Confident in U.S. solar long-term
Despite looming policy cliffs, SolarBank brass believes the outlook for U.S. solar projects remains strong. “March 2025 marked the 19th consecutive month that solar was the largest source of new electrical capacity in the U.S.,” Lu noted. “As costs continue to fall, and with superior speed to market, in my view there remains a bright future for solar and battery storage projects.”
SolarBank says it continues to monitor regional policies and adjust its construction and financing schedules accordingly — all with the aim of maximizing incentives while delivering long-term value to shareholders.
