Powerbank enters lease deal for NY-Hemlock Hill

Executive Summary

• Powerbank Corp. has executed a lease agreement for the NY-Hemlock Hill project, a 1.76 MW direct current ground-mount solar power facility located in upstate New York.
• The project is expected to be eligible for incentives under the New York State Energy Research and Development Authority NY-Sun program and will operate as a community solar project, allowing subscribers to receive credits on their electric bills.
• The company is currently in the preliminary stages of the interconnection process and will proceed with permitting and financing upon receiving interconnection approval.

Key Details

• Project Name: NY-Hemlock Hill project.
• Location: Upstate New York.
• Capacity: 1.76 megawatts (MW) direct current (DC).
• Technology: Ground-mount solar power.
• Operational Model: Community solar; generates clean energy fed into the local power grid, providing bill credits to subscribers (renters and homeowners) without requiring on-site panel installation.
• Current Status: Lease agreement executed; interconnection application being submitted; preliminary screening analysis initiated.
• Next Steps: Secure interconnection approval, complete permitting process, and secure construction financing.
• Incentives: Expected to be eligible for incentives under the NY-Sun program.
• Company Context: Powerbank has over 100 MW of completed projects and a development pipeline exceeding 1 gigawatt.
• Risks: Development is subject to receipt of community solar contracts, interconnection approval, required permits, third-party financing availability, construction risks, and potential changes in government incentives or policy support.

Notable Quotes

• "Powerbank's proven expertise, with over 100 megawatts of completed projects and a development pipeline exceeding one gigawatt, underpins the project's execution."
• "The Hemlock Hill project will help advance New York's ambitious Climate Leadership and Community Protection Act goal of six gigawatts of solar capacity by 2025."