Powerbank completes North Main interconnection review

Executive Summary

• Powerbank Corp. has successfully completed the coordinated electric system interconnection review for its 5.7 MW North Main Street ground-mount solar project in upstate New York.
• The completion of this study allows the project to proceed to the permitting phase, a critical step before construction can commence.
• The project is poised to qualify for New York's VDER compensation mechanism, with an estimated first-year average rate of 9.71 U.S. cents per kilowatt-hour, supporting its financial viability.

Key Details

• Project Name: North Main Street ground-mount solar project.
• Location: Upstate New York.
• Capacity: 5.7 megawatts (MW).
• Milestone Achieved: Completion of the coordinated electric system interconnection review.
• Next Steps: Proceed to permitting the project site; upon securing permits and financing, construction will commence.
• Project Model: Community solar initiative, allowing renters, businesses, and homeowners to subscribe and receive bill credits without on-site equipment installation.
• Financial Incentive: Qualification for New York's value of distributed energy resources (VDER) compensation mechanism under Case 15-E-0751.
• Estimated Rate: 9.71 U.S. cents per kilowatt-hour (average first-year rate).
• Company Context: Powerbank has over 100 MW of completed projects and a development pipeline exceeding 1 gigawatt.
• Regulatory Alignment: The project supports New York's Climate Leadership and Community Protection Act goal of 6 gigawatts of solar capacity by 2025.
• Risks: Development is subject to receipt of community solar contracts, 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."