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Financings

$8 Million USD Loan Secured by PowerBank to Accelerate Independent Power Producer Portfolio

By The Northwire Desk — AI Analysis Dec 31, 2025 · 07:07 SUNN · 2.34 POWERBANK CORPORATION
SUNN · Price

Executive Summary

  • PowerBank Corporation entered into a revolving credit facility with NY Green Bank for an initial principal amount of up to $8 million USD (potentially increaseable to $12 million).
  • Proceeds will fund interconnection deposits for an initial 50 MW portfolio of distributed solar and battery energy storage projects in New York State, accelerating PowerBank’s Independent Power Producer growth.
  • The loan is secured by the project assets and does not involve any equity issuance; it provides low‑cost, refundable capital that can be redeployed as projects reach commercial operation.

Key Details

  • Loan Structure: Revolving credit facility; initial principal up to $8 million USD; NY Green Bank may increase commitment to $12 million USD at its discretion.
  • Use of Proceeds: To pay interconnection deposits required by utilities for the initial 50 MW of solar‑plus‑BESS projects (later expandable as additional projects become ready). Deposits are refundable if a project does not achieve commercial operation.
  • Security & Guarantees: Loan secured against assets associated with the Projects; PowerBank provides a corporate guarantee of payment. No shares or warrants are issuable in connection with the loan.
  • Counterparty: NY Green Bank, a division of NYSERDA, a state‑sponsored fund that has committed over $2.6 billion to clean‑energy projects since 2013.
  • Strategic Rationale: Provides low‑cost, revolving capital to support the interconnection process, enabling faster deployment and scaling of PowerBank’s distributed solar and storage portfolio in New York.
  • CEO Quote: Dr. Richard Lu highlighted the loan as “an excellent opportunity” that leverages PowerBank’s track record and relationship with NYSERDA to advance regional clean‑energy objectives.

Notable Quotes

“The financing from NY Green Bank for this initial portfolio represents an excellent opportunity for PowerBank and our partners. This transaction reflects PowerBank's established track record in New York State, and our strong working relationship with NYSERDA.” – Dr. Richard Lu, CEO & President, PowerBank Corporation

Read the original news release →

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