Powerbank completes North Main interconnection review

Ms. Tracy Zheng reports POWERBANK'S 5.7 MW NORTH MAIN ST PROJECT SUCCESSFULLY COMPLETES MAJOR INTERCONNECTION STUDY ON PATH TO PERMITTING Powerbank Corp.'s 5.7-megawatt North Main Street ground-mount solar project, located in upstate New York, has completed its co-ordinated electric system interconnection review, and can proceed to the next important milestone: permitting the project site. The North Main Street project is poised to qualify for New York's value of distributed energy resources compensation mechanism under Case 15-E-0751, with an estimated first-year average rate of 9.71 U.S. cents per kilowatt-hour. This VDER rate ensures fair compensation for clean energy delivered to the grid, reinforcing the project's financial and environmental viability. Upon securing permits and financing, Powerbank will commence construction, with the project set to operate as a community solar initiative. This innovative model enables renters, businesses and homeowners to subscribe to the solar farm, receiving bill credits and savings without installing on-site equipment. By feeding clean energy directly into the local grid, North Main offers an accessible pathway for New Yorkers to embrace the clean energy transition. Powerbank's proven expertise, with over 100 megawatts 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. The North Main Street project advances New York's ambitious Climate Leadership and Community Protection Act goal of six gigawatts of solar capacity by 2025. As a national leader in community solar, New York accounts for nearly one-third of the United States' 6.2 gigawatts of installed solar capacity, and Powerbank is honoured to contribute to this transformative milestone. There are several risks associated with the development of the project. The development of any project is subject to receipt of a community solar contract, 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 future projects 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, battery energy storage system and electric vehicle charging projects that sell electricity to utilities, commercial, industrial, municipal and residential offtakers. The company maximizes returns through 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.