$168 Million USD in Construction Value of Projects - PowerBank Shares Additional Information on the Safe Harbor of 15 Distributed Solar and Energy Storage Projects in New York State

Executive Summary

• PowerBank Corporation disclosed that its 15 late‑stage distributed solar and energy storage projects in New York have a combined construction value of $168 million USD.
• The projects represent approximately 67 MW DC of solar and 11 MWh of battery storage, enough to power roughly 7,500 homes and qualify for $65 million USD of Investment Tax Credit (ITC) eligibility.
• Positive interconnection studies have been secured for 14 of the 15 projects; permitting and financing are underway, and PowerBank may retain ownership or act as EPC provider.

Key Details

• Construction Value: $168 M USD across the 15 projects.
• Solar Capacity: 67 MW DC total (individual sites range from 0.5 MW to 7 MW).
• Energy Storage Capacity: 11 MWh total (sites range from 1.2 MWh to 8 MWh).
• ITC Eligibility: $65 M USD of Investment Tax Credit eligibility confirmed for the portfolio.
• Homes Powered: Estimated enough generation to serve ~7,500 New York homes.
• Interconnection Status: Positive interconnection studies obtained for 14 of 15 projects; remaining project pending approval.
• Project Types: Will operate as community solar or net‑metered installations, providing either shared grid credits or on‑site consumption benefits.
• Ownership/EPC Option: PowerBank may remain the owner as an Independent Power Producer or act solely as EPC contractor for the projects.
• Regulatory Context: Projects support New York’s goal of 10 GW distributed solar and 6 GW storage by 2030; they are positioned to benefit from existing state incentives (30% ITC plus potential bonus adders).
• Risk Factors Highlighted: Dependence on community solar contracts, interconnection approvals, permitting, third‑party financing, and the stability of federal/state tax credit programs.

Notable Quotes

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