Powerbank to sell solar power projects for $41M (U.S.)

Executive Summary

• Powerbank Corp. has agreed to sell three community solar projects (Elmira, Jordan Road 1, and Jordan Road 2) to Solar Advocate Development LLC for approximately $41 million USD.
• The transaction includes Powerbank's continued role as the contractor to construct the projects through to commercial operation via executed EPC agreements.
• The sale supports Powerbank's strategy of monetizing development assets to fund the expansion of its independent power producer (IPP) portfolio, leveraging accelerated timelines from the "One Big Beautiful Bill Act."

Key Details

• Transaction Value: Approximately $41 million USD, encompassing both the project sale and construction services.
• Assets Sold: Three community solar projects located in New York State:
  • Elmira
  • Jordan Road 1
  • Jordan Road 2
• Combined Capacity: 16.87 megawatts (MW) across the three installations.
• Buyer: Solar Advocate Development LLC.
• Construction Role: Powerbank retains the engineering, procurement, and construction (EPC) responsibility, delivering turnkey solutions to commercial operation.
• EPC Agreement Date: Executed on December 19, 2025.
• Regulatory Status: Projects have completed interconnection agreements with utility partners and secured permits from local authorities.
• Incentives: Projects are positioned to qualify for New York State Energy Research and Development Authority (NYSERDA) NY-Sun program incentives.
• Strategic Context: The transaction capitalizes on accelerated construction timelines created by the "One Big Beautiful Bill Act."
• Partnership History: This marks the 11th successful collaboration between Powerbank and Solar Advocate Development, spanning seven years.
• Risk Factors:
  • The transaction is subject to the availability of third-party financing for the owner.
  • EPC agreements include a "sell-back right" allowing the owner to return the project to Powerbank without liability if not satisfied with due diligence, exercisable within 60 days of December 19, 2025.
  • If an EPC agreement is terminated, Powerbank must return received funds and will not achieve the transaction value.
  • Risks include potential government revision, reduction, or elimination of solar incentives.

Notable Quotes

• Dr. Richard Lu, CEO: "This transaction represents a pivotal moment in Powerbank's evolution... What makes this particularly strategic is our ability to capitalize on accelerated construction timelines created by the One Big Beautiful Bill Act... This transaction exemplifies that strategy -- converting development expertise into immediate capital that directly funds our IPP growth trajectory."