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TORONTO — Ontario-based SolarBank Corporation has announced it has closed its acquisition of the Canadian solar-power investor Solar Flow-Through Funds Ltd. (SFF) for $45 million.

A release stated the deal would enable SolarBank to expand into ownership of battery energy storage projects and electric vehicle charging stations. Since it is an all-stock transaction, the deal is said to preserve cash for continued funding of SolarBank’s development pipeline.

The deal includes SFF’s 70-plus operating solar sites located in Ontario along with its pipeline of battery energy storage projects and electric vehicle charging stations.

“I am very pleased that SolarBank has closed this acquisition, which significantly increases our portfolio of high-quality cash-generating independent power producer assets,” stated Richard Lu, CEO of SolarBank, in the release. “SolarBank is going to continue to target further growth of its independent power producer assets through organic project origination and strategic acquisitions of assets.”

In connection with the closing of the transaction, Matthew Wayrynen, the current CEO of SFF, has been appointed to the board of directors of SolarBank.