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Financings

Powerbank receives loan for up to $8-million (U.S.)

By The Northwire Desk — AI Analysis Dec 31, 2025 · 12:48 SUNN · 2.34 Powerbank Corp
SUNN · Price

Executive Summary

  • Powerbank Corp. secured an $8 million USD revolving credit facility from NY Green Bank to finance interconnection deposits for a portfolio of distributed solar and battery energy storage projects in New York.
  • The loan provides a revolving source of capital, allowing Powerbank to deploy funds into new projects as existing ones reach commercial operation or are monetized.
  • The initial portfolio consists of 50 megawatts of capacity, with plans to add more projects as they become ready, and the principal amount can be increased to $12 million at NY Green Bank's discretion.

Key Details

  • Lender: NY Green Bank (a division of NYSERDA).
  • Loan Structure: Revolving credit facility.
  • Initial Principal Amount: Up to $8 million USD.
  • Potential Increase: NY Green Bank may increase the principal amount to up to $12 million USD at its discretion.
  • Use of Proceeds: Financing interconnection deposits for an initial portfolio of 50 MW of distributed solar power and battery energy storage projects in New York state.
  • Collateral: Secured against assets associated with the projects; company provided a guarantee of payment.
  • Equity Impact: No shares are issuable in connection with the loan.
  • Repayment/Revolving Mechanism: As projects are monetized or reach commercial operation, Powerbank can redeploy the proceeds of the loan to additional projects.
  • Portfolio Expansion: The company intends to add projects to the portfolio beyond the initial 50 MW as they are ready.
  • Company Background: Powerbank is a renewable energy developer specializing in distributed solar and BESS projects across North America, with a development pipeline of over one gigawatt.

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. As these projects advance, we're excited to contribute to the region's clean energy objectives." — Dr. Richard Lu, CEO and President
Read the original news release →

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