Powerbank gets approvals for 3.15 MW New York project

Ms. Tracy Zheng reports POWERBANK ADVANCES 3.15 MW PROJECT IN NEW YORK, WITH CAPACITY TO POWER 393 HOMES Powerbank Corp.'s 3.15-megawatt DC hybrid solar plus energy storage project in Buffalo, N.Y., has passed two major permitting approvals, including a waterfront consistency review and a zoning map amendment, enabling the project to go before the Zoning Board of Appeals for an Area Variance. The project was previously announced here and will include 1.2 megawatt-hours of energy storage. Upon securing final permits and financing, Powerbank will commence construction, with the project set to operate as a community solar project. This innovative model enables renters, businesses and homeowners to subscribe to the solar farm, receiving bill credits and savings without installing on-site equipment. By feeding clean energy directly into the local grid, South Park offers an accessible pathway for New Yorkers to embrace the clean energy transition. The project is expected to be eligible for financial incentives through NYSERDA's NY-Sun and Retail Energy Storage Incentive programs. The project is also expected to remain eligible for federal investment tax credits under the One Big Beautiful Bill Act of 2025. Powerbank's proven expertise, with over 100 megawatts of completed projects and a development pipeline exceeding one gigawatt, underpins the project's execution. Strategic partnerships and institutional-grade development capabilities position Powerbank to deliver reliable, high-impact renewable energy solutions. The project advances New York's path to 10 GW of distributed solar and six GW of energy storage by 2030. The state leads the United States in community solar capacity, having achieved the New York State Climate Act six GW solar goal in the fall of 2024. There are several risks associated with the development of the project. The development of any project is subject to receipt of a community solar contract, receipt of interconnection approval and required permits, the availability of third party financing arrangements for the company, and the risks associated with the construction of a solar power project. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for solar power, which could result in future projects no longer being economic. About Powerbank Corp. Powerbank is an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects in Canada and the United States. The company develops solar and battery energy storage system (BESS) projects that sell electricity to utilities, commercial, industrial, municipal and residential offtakers. The company maximizes returns via a diverse portfolio of projects across multiple leading North America markets including projects with utilities, host offtakers, community solar and virtual net metering projects. The company has a potential development pipeline of over one gigawatt and has developed renewable and clean energy projects with a combined capacity of over 100 megawatts built. We seek Safe Harbor.