Powerbank, N.Y. division enter power purchase deals
Executive Summary
- Powerbank Corp., via its U.S. subsidiary Abundant Solar Power, secured lease and long‑term power purchase agreements (PPAs) with the New York State Division of Military and Naval Affairs (DMNA) for a 20 MW portfolio of solar photovoltaic (PV) and battery energy storage system (BESS) projects.
- The portfolio comprises ~19 MW of ground‑mount, rooftop and parking‑canopy solar PV plus 1 MW/2 MWh of BESS, to be developed on DMNA‑owned sites across New York State with construction slated to begin by the end of 2025.
- Projects will serve both behind‑the‑meter needs for military facilities and community‑solar subscriptions for local residents, supporting DMNA’s resiliency, climate‑change and cost‑saving objectives and advancing Governor Hochul’s carbon‑reduction goals.
Key Details
- Agreement Scope: Lease and PPA contracts covering 20 MW (DC) of solar PV and 1 MW/2 MWh of battery storage.
- Project Types: Mix of behind‑the‑meter installations for DMNA facilities and community‑solar projects offering bill credits to local homeowners and renters.
- Location: Multiple New York Army National Guard sites and other properties administered by the DMNA (e.g., Camp Smith, Ithaca, Kingston, Newark).
- Term: Initial 20‑year power purchase agreements for electricity generated by the solar assets.
- Selection Process: Powerbank was chosen through a competitive bidding process managed by the New York Power Authority.
- Construction Timeline: Groundbreaking expected no later than December 2025; project development, financing and construction to follow thereafter.
- Strategic Benefits: Enhances DMNA’s energy resiliency, reduces utility costs, contributes to state carbon‑emission reduction targets, and expands community‑solar access for New York residents.
- Financing Note: Development is contingent upon securing third‑party financing, interconnection approvals, permits, and continued policy incentives; no specific financing terms disclosed in the release.
Notable Quotes
“This is another exciting development project for Powerbank… to develop these projects that will provide sustainable green energy and resiliency services for years to come.” – Dr. Richard Lu, President & CEO, Powerbank Corp.
“The Division of Military and Naval Affairs is looking forward to partnering with Powerbank… This project will decrease utility costs and increase energy resiliency while making significant progress towards meeting Governor Hochul's efforts to reduce carbon emissions.” – Maj.-Gen. Ray Shields, Adjutant‑General, New York State DMNA
“The power authority is pleased to collaborate with Powerbank on this extensive set of projects… Public‑private partnerships that provide power and help local residents through utility bill credits are a significant factor in delivering New York State's reliable, affordable and clean energy future.” – Justin E. Driscoll, President & CEO, New York Power Authority