$4 Million USD Received in PowerBank $41 Million USD Transaction with Solar Advocate Development

Executive Summary

• PowerBank Corporation received an initial payment of $4 million USD from Solar Advocate Development LLC for three community‑solar projects.
• The overall transaction is valued at approximately $41 million USD, covering full engineering, procurement and construction (EPC) services through commercial operation of the Elmira, Jordan Road 1 and Jordan Road 2 facilities.
• The projects represent a combined 16.87 MW of clean‑energy capacity and are part of a seven‑year strategic alliance that reinforces PowerBank’s growth model in the New York market.

Key Details

• Initial Payment Received: $4 million USD (first milestone) – cash now on hand.
• Total Transaction Value: ~$41 million USD, payable over development and construction milestones.
• Projects Included: Elmira, Jordan Road 1, Jordan Road 2 (three community‑solar facilities).
• Combined Capacity: 16.87 MW of solar generation.
• Payment Structure: Milestone‑based; remaining balance to be paid as EPC milestones are achieved.
• Strategic Context: Seventh‑year partnership with Solar Advocate Development, marking PowerBank’s 11th joint project in New York and supporting its dual‑track growth strategy (IPP portfolio + development‑stage asset monetization).
• Operational Milestones Already Completed:
• Utility interconnection agreements secured.
• Full permitting from local authorities obtained.
• NYSERDA program qualification achieved, positioning projects for state incentives.
• Site control, environmental assessments and engineering designs finalized.
• Financial Impact: Contributes to PowerBank’s return to profitability (Q1 2025: 106 % YoY gross‑profit growth) and provides immediate capital to fund ongoing development work.
• Risk Factors Highlighted:
• Owner’s “Sell‑Back Right” may be exercised, requiring repayment of received funds.
• Dependence on third‑party financing for the owner and continued availability of solar incentives.

Notable Quotes

“Reaching our 11th project with Solar Advocate Development isn’t just a transaction milestone—it’s a testament to PowerBank’s ability to consistently deliver permitted, interconnected assets that meet the highest quality standards.” – Dr. Richard Lu, CEO, PowerBank