Powerbank safe harbors 15 N.Y. solar projects

Executive Summary

• Powerbank Corp. has executed equipment procurement agreements for 15 late-stage distributed solar and energy storage projects in New York State, securing approximately 67 MW DC of solar capacity and 11 MWh of energy storage.
• The procurement is designed to "safe harbor" the projects under the One Big Beautiful Bill Act of 2025, ensuring eligibility for federal investment tax credits by meeting the IRS physical work test prior to the July 4, 2026 deadline.
• The total construction value of the portfolio is estimated at $168 million (U.S.), with associated investment tax credits valued at approximately $65 million (U.S.).

Key Details

• Project Portfolio: 15 distributed solar and energy storage projects located in New York State.
• Capacity: Approximately 67-megawatt DC (MW DC) of solar and 11 megawatt-hours (MWh) of energy storage.
• Financial Value:
  • Total construction value: Estimated $168 million (U.S.).
  • Estimated Investment Tax Credit (ITC) value: $65 million (U.S.).
• Regulatory Strategy:
  • Procurement enables projects to remain eligible for federal ITCs under the One Big Beautiful Bill Act of 2025.
  • Physical work on procured equipment is expected to be completed by December 31, 2025.
  • Projects will meet the IRS physical work test before the July 4, 2026 deadline for Section 48E ITC eligibility.
• Company Role: Powerbank intends to deliver the full Engineering, Procurement, and Construction (EPC) scope for the projects. The company retains the option to continue as the owner on some or all projects as an independent power producer.
• Supply Chain: Major equipment orders, specifically transformers, have been secured through relationships with Tier 1 suppliers.
• Timeline: Commercial operation is expected to occur over the next several years, subject to permits and financing.
• Company Metrics:
  • Completed projects: Over 100 MW.
  • Development pipeline: Exceeding 1 gigawatt.
• Market Context: Projects support New York’s goal of 10 GW of distributed solar and 6 GW of energy storage by 2030.

Notable Quotes

• "Powerbank has the option to continue as the owner on some or all of the projects under its expanding portfolio as an independent power producer and intends on delivering the full EPC scope for the projects whether it retains ownership or not."