PowerBank Highlights High-Functioning Projects Across Independent Power Producer Portfolio

Executive Summary

• PowerBank Corporation reports that three independently owned solar projects in New York State (Geddes, US1, and VC1), totaling approximately 4.48 MW, are fully operational and producing power as active Independent Power Producer (IPP) assets.
• The projects are secured by long-term revenue streams: Geddes participates in NYSERDA's NY-Sun program with VDER compensation, while US1 and VC1 hold 25-year Power Purchase Agreements with the Villages of Union Springs and Cazenovia, respectively.
• The company outlines its proactive O&M framework and positions these distributed solar assets as critical infrastructure to address surging electricity demand from AI and data centers, while transparently disclosing operational and grid-related risks.

Key Details

• Project Portfolio: Geddes, US1, and VC1 projects located in New York State.
• Total Capacity: Approximately 4.48 MW across all three projects.
• Operational Status: All projects are functioning well, producing power, and integrated into PowerBank's 100 MW of already-built energy capacity.
• Geddes Project Compensation: Enrolled in NYSERDA's NY-Sun program as a Community Solar project; eligible for NY's VDER compensation mechanism for a minimum of 25 years; 2026 estimated average VDER rate is $0.1103 per kWh for exported solar energy.
• US1 Project Offtake: Secured via a 25-year Power Purchase Agreement with the Village of Union Springs, NY; power delivered through net metering.
• VC1 Project Offtake: Secured via a 25-year Power Purchase Agreement with the Village of Cazenovia, NY; power delivered through net metering.
• Operations & Maintenance Strategy: Proactive preventive maintenance schedule, timely vegetation management to prevent panel shading, real-time monitoring for rapid corrective workflows, and regular on-site employee oversight with contractors.
• Market Context: Company cites Goldman Sachs Research projecting a 175% increase in global data center power demand by 2030, and McKinsey estimating data centers could consume nearly 12% of U.S. electricity by the end of the decade.
• Development Pipeline: Company has a potential development pipeline exceeding 1 GW.
• Identified Risks: Dependency on grid infrastructure subject to unexpected utility curtailments; reduced capacity from extreme weather events; shortage of trained O&M technicians delaying upkeep/repairs; and degradation of solar panels over time.