Powerbank receives $1.74-million for NS community solar

Executive Summary

• Powerbank Corp. has been awarded a $1.74 million grant from Net Zero Atlantic (funded by the Nova Scotia Department of Environment and Climate Change) for three community solar projects in Nova Scotia: Sydney, Brooklyn, and Petpeswick.
• The funding supports Powerbank’s role as the lead developer and builder for these projects, which are co-owned by AI Renewable Flow-through Fund (48%) and a non-profit/Potlotek First Nation (52%).
• The projects align with Nova Scotia’s goal of reaching 80% renewable energy by 2030 and net-zero electricity by 2035, with generated power feeding directly into the local grid to provide bill credits to subscribers.

Key Details

• Total Grant Amount: $1.74 million provided by Net Zero Atlantic.
• Project Breakdown:
  • Sydney Solar Project: $340,000
  • Petpeswick Solar Project: $440,000
  • Brooklyn Solar Project: $960,000
• Ownership Structure:
  • AI Renewable Flow-through Fund: 48%
  • Non-profit organization or Potlotek First Nation: 52%
• Partners: Powerbank Corp. is the lead developer and builder; partnering with Trimac Engineering (local Nova Scotia engineering firm).
• Strategic Context:
  • Nova Scotia Community Solar Program (CSP) is the first of its kind in Canada.
  • Program aims to add 100 MW of solar generation to the grid.
  • Goal: 80% renewable energy by 2030; net-zero electricity grid by 2035.
  • Consumer benefit: Subscribers can save approximately two cents per kilowatt-hour on electric bills.
• Company Background:
  • Powerbank has over 50 MW of community solar projects completed in the United States.
  • Current portfolio includes over 100 MW of completed projects and a development pipeline of over one gigawatt.

Notable Quotes

• "We are proud to support Nova Scotia's goals in developing renewable energy in the province. This funding from Net Zero Atlantic will go far towards the development of long-lasting solar projects that bring clean energy and energy savings to Nova Scotia," said Dr. Richard Lu, president and chief executive officer of Powerbank.