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Financings

Powerbank gets $920K (U.S.) from Geddes loan conversion

By The Northwire Desk — AI Analysis Feb 02, 2026 · 16:10 SUNN · 2.10 Powerbank Corp
SUNN · Price

Executive Summary

  • Powerbank Corp. received $920,000 USD upon the closing of the term conversion of the construction loan for its Geddes Project in upstate New York.
  • The loan was converted from a construction loan to a mini-perm loan following the project's substantial completion and receipt of permission to operate.
  • The Geddes project is now fully operational as a community solar facility, feeding clean energy into the local grid.

Key Details

  • Transaction Amount: $920,000 USD received by Powerbank Corp.
  • Loan Structure: Conversion of initial construction loan to a mini-perm loan.
  • Original Loan Terms: Initial $2.6 million USD construction-to-mini-perm loan with Seminole Financial Services LLC.
  • Converted Principal Amount: $1,695,000 USD.
  • Maturity Date: January 20, 2032.
  • Project Status: Fully operational as of July 25, 2025; converted to mini-perm loan upon substantial completion and permission to operate.
  • Project Description: Community solar project in upstate New York, generating electricity for the local grid and providing bill credits to subscribers.
  • Lender Background: Seminole Financial Services LLC, founded to finance Renewable Energy and Real Estate projects, with over $3.5 billion USD in direct funding for renewable energy projects to date.
  • Risk Factors: Default on the loan may result in the lender declaring the loan repayable in full and enforcing guarantees against the company.

Notable Quotes

  • No direct quotes from executives were included in the provided text.
Read the original news release →

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