Powerbank signs lease deal for 5 MW solar project

Executive Summary

• Powerbank Corp. has executed a lease agreement for a 5 MW AC hybrid solar plus battery energy storage project (NY-Holland Glnwd) in New York.
• The project is positioned to leverage significant incentives, including NYSERDA NY-Sun and Retail Energy Storage Incentive programs, as well as federal tax credits under the Inflation Reduction Act and the One Big Beautiful Bill Act of 2025.
• Powerbank is currently initiating preliminary screening for interconnection; subsequent steps include permitting and securing construction financing, with the goal of operating the site as a hybrid community solar plus energy storage facility.

Key Details

• Project Name: NY-Holland Glnwd project.
• Location: New York.
• Capacity: 5 MW AC hybrid solar plus battery energy storage.
• Current Status: Lease agreement executed; preliminary screening analysis for interconnection initiated.
• Next Steps: Secure interconnection approval, complete permitting, and secure necessary financing for construction.
• Operational Model: Likely to be operated as a hybrid community solar plus energy storage project, feeding energy into the local grid to provide bill credits to subscribers.
• Incentives: Eligible for NYSERDA NY-Sun, NYSERDA Retail Energy Storage Incentive, federal investment tax credits (Inflation Reduction Act of 2022, One Big Beautiful Bill Act of 2025).
• Company Context: Powerbank has over 100 MW of completed projects and a development pipeline exceeding 1 GW.
• Risks: Subject to receipt of community solar contracts, interconnection approval, required permits, third-party financing availability, construction risks, and potential changes in government incentives.

Notable Quotes

• "The rapid growth of wind and solar power and the rising demand for electricity from data centres are making batteries a necessity. They store surplus renewable energy for when it is not windy or sunny, and maintain a balance between energy supply and demand."
• "There has been a 90-per-cent drop in the cost of batteries over the last 15 years as new factories have come on line, resulting in significant growth in this sector globally."