PowerBank secures equipment to safe-harbor 15 NY solar projects

PowerBank Corporation has executed equipment procurement agreements to safe-harbor 15 distributed solar and energy storage projects in New York State.

• Main action: PowerBank executed equipment procurement for 15 late-stage distributed solar and energy storage projects across New York State, expected to deliver ~67 MW DC of solar and 11 MWh of storage, with physical work expected to safe-harbor the Projects by December 31, 2025 and satisfy the IRS Physical Work Test before July 4, 2026; the Company may retain ownership of some or all Projects and intends to deliver the full EPC scope whether it retains ownership or not.
• Background & details: The procurement is estimated to preserve US$65 million of Investment Tax Credits (ITC) and the portfolio has an estimated total construction value of US$168 million; PowerBank secured major transformers from Tier 1 suppliers, commercial operations are expected over the next several years subject to permits and financing, and the Company reports a development pipeline >1 GW and >100 MW completed to date.