Powerbank safe harbors 15 N.Y. solar projects

Ms. Tracy Zheng reports POWERBANK ANNOUNCES SAFE HARBOR OF 15 DISTRIBUTED SOLAR AND ENERGY STORAGE PROJECTS IN NEW YORK STATE Powerbank Corp. has executed equipment procurement agreements for 15 late-stage distributed solar and energy storage projects across New York state through wholly owned subsidiaries. The projects are expected to bring approximately 67-megawatt DC of solar and 11 megawatt-hours of energy storage to the state. This procurement is expected to enable the projects to remain eligible for United States federal investment tax credits for energy projects under the One Big Beautiful Bill Act of 2025. Physical work on the procured equipment is expected to safe harbor the projects by Dec. 31, 2025. The projects will have met the IRS physical work test prior to the July 4, 2026, deadline under the United States One Big Beautiful Bill Act. The value of the investment tax credits associated with the projects being harbored safely through this procurement is estimated at $65-million (U.S.), while the total construction value of the portfolio is estimated at $168-million (U.S.). 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. The company has leveraged its strong relationships with Tier 1 suppliers to secure the major equipment order of transformers necessary for the projects. Subject to the receipt of permits and financing, commercial operation of the 15 projects is expected to occur over the next several years. Investment tax credits have been available for solar projects since 2006, providing a 30-per-cent tax credit for commercial solar installations that meet specific requirements, with opportunities for ITC bonus adders. The One Big Beautiful Bill Act, signed into law on July 4, 2025, specifies that the Section 48E Investment Tax Credit for solar facilities will be phased out, and projects which have begun construction on or before July 4, 2026, will remain eligible for the tax credits. Powerbank's proven expertise, with over 100 MW of completed projects and a development pipeline exceeding one gigawatt, underpins the execution of the projects. Strategic partnerships and institutional-grade development capabilities position Powerbank to deliver reliable, high-impact renewable energy solutions. The projects advance 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 projects. The development of any project is subject to receipt of a community solar contract, receipt of interconnection approval, receipt of 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 the projects receiving less tax credits than estimated and 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.