$41 Million USD Transaction Accelerates PowerBank Growth Strategy

Executive Summary

• PowerBank Corporation entered into a $41 million USD transaction to sell three community solar projects (Elmira, Jordan Road 1, Jordan Road 2) in New York State to Solar Advocate Development LLC.
• The company will remain engaged as the EPC contractor, delivering turnkey construction through commercial operation for a combined capacity of 16.87 MW.
• Net proceeds are intended to fund PowerBank’s expansion of its owned independent power producer (IPP) portfolio, supporting its growth strategy in renewable energy.

Key Details

• Transaction Value: Approximately $41 million USD (includes project sale and EPC services).
• Projects Sold: Elmira, Jordan Road 1, and Jordan Road 2 community solar installations.
• Combined Generation Capacity: 16.87 MW across the three projects.
• EPC Agreements: Executed on December 19 2025; PowerBank will construct and deliver the projects to commercial operation.
• Development Milestones Completed: Interconnection agreements with utilities secured; all required permits obtained.
• Incentive Eligibility: Projects qualify for NYSERDA’s NY‑Sun Program incentives.
• Strategic Rationale: Monetize shovel‑ready assets under accelerated timelines created by the “One Big Beautiful Bill” Act while reinvesting proceeds into owned‑and‑operated IPP growth.
• Risk Mitigations: EPC contracts contain a sell‑back right for the Owner; termination would require return of any received funds and could affect transaction value.

Notable Quotes

“This transaction represents a pivotal moment in PowerBank's evolution… we reinvest the proceeds to expand our owned‑and‑operated asset base.” – Dr. Richard Lu, CEO, PowerBank Corporation