PowerBank Announces Safe Harbor of 15 Distributed Solar and Energy Storage Projects in New York State

Executive Summary

• PowerBank Corp. announced execution of equipment procurement agreements for 15 late‑stage distributed solar and energy storage projects in New York State, totaling ~67 MW DC of solar and 11 MWh of storage.
• The procurements are intended to “safe harbor” the projects, preserving eligibility for U.S. federal Investment Tax Credits (ITC) valued at an estimated US$65 million; total construction value is estimated at US$168 million.
• Physical work on the procured equipment is expected to be completed by Dec 31 2025, meeting the IRS Physical Work Test deadline of July 4 2026 under the One Big Beautiful Bill Act.

Key Details

• Projects: 15 distributed solar + energy storage projects across New York State.
• Capacity: ~67 MW DC solar; ~11 MWh battery storage.
• Construction Value: Approximately US$168 million for the portfolio.
• Tax Credit Estimate: US$65 million in federal Investment Tax Credits (30% ITC plus potential bonus adders).
• Procurement Scope: Major equipment order of transformers secured from Tier‑1 suppliers; subject to permits and financing.
• Safe Harbor Timeline: Physical work on procured equipment expected to be completed by 31 Dec 2025, satisfying IRS Physical Work Test before the 4 Jul 2026 deadline.
• Ownership Option: PowerBank may retain ownership of some or all projects as an Independent Power Producer; will deliver full EPC scope regardless of eventual ownership.
• Commercial Operation: Anticipated over several years after receipt of permits, interconnection approvals, and financing.
• Strategic Context: Projects support New York’s goal of 10 GW distributed solar & 6 GW storage by 2030; align with state’s leading community‑solar capacity.

Notable Quotes

(No direct CEO/President quotes were provided in the release.)