Powerbank enters lease deal for NY-Cloverdale Rd

Executive Summary

• Powerbank Corp. has executed a lease agreement for a 5 MW AC hybrid solar and battery energy storage project (NY-Cloverdale Rd) in upstate New York.
• The project is eligible for incentives under the NY-Sun program and the retail storage incentive program.
• The company is currently in the preliminary screening analysis phase for interconnection; subsequent steps include permitting and securing construction financing.

Key Details

• Project Name: NY-Cloverdale Rd project.
• Location: Upstate New York.
• Capacity: 5 MW AC.
• Technology: Hybrid solar plus battery energy storage system.
• Current Status: Lease agreement executed; preliminary screening analysis for interconnection initiated.
• Next Steps: Secure interconnection approval, complete permitting, and secure financing for construction.
• Operational Model: Expected to operate as a hybrid community solar plus energy storage project, feeding energy into the local grid to provide bill credits to subscribers.
• Incentives: Eligible for New York State Energy Research and Development Authority (NYSERDA) NY-Sun program and the retail storage incentive program.
• Company Track Record: Powerbank has over 100 MW of completed projects and a development pipeline exceeding 1 GW.
• Regulatory Context: Project aligns with New York's goal of 10 GW of distributed solar and 6 GW of energy storage by 2030.

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 past 15 years as new factories have come on-line, resulting in significant growth in this sector globally."