Powerbank moves forward with Day Hollow solar project

Executive Summary

• Powerbank Corp. has secured site control for its 2.8 MW Day Hollow ground-mount solar project in upstate New York, allowing the project to move into the interconnection study phase.
• The project is expected to qualify for New York’s Value of Distributed Energy Resources (VDER) compensation mechanism, with an estimated first-year average rate of 9.71 U.S. cents/kilowatt-hour.
• Upon securing permits and financing, Powerbank will commence construction on the community solar initiative, which is designed to provide bill credits and savings to subscribers without requiring on-site equipment installation.

Key Details

• Project Name: Day Hollow ground-mount solar project.
• Location: Upstate New York.
• Capacity: 2.8 megawatts (MW).
• Current Status: Site control secured; progressing to the interconnection study phase.
• Compensation Mechanism: Qualifies for New York’s Value of Distributed Energy Resources (VDER) under Case 15-E-0751.
• Financial Metric: Estimated first-year average VDER rate of 9.71 U.S. cents/kilowatt-hour.
• Business Model: Community solar initiative enabling renters, businesses, and homeowners to subscribe and receive bill credits.
• Company Track Record: Over 100 MW of completed projects and a development pipeline exceeding one gigawatt.
• Regulatory Context: Supports New York’s Climate Leadership and Community Protection Act goal of six GW of solar capacity by 2025.
• Risks Identified: 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 schemes.

Notable Quotes

• "Powerbank's proven expertise, with over 100 MW 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."