PowerBank Secures 21-Megawatt Operations and Maintenance Agreement with Honeywell for 3 Community Solar Projects in New York State

Executive Summary

• PowerBank Corporation’s wholly owned subsidiary, Abundant Solar Power Inc., has executed an Operations and Maintenance (O&M) Services Agreement with Honeywell International Inc. (now Honeywell Aerospace Inc.) to manage a 21 MW portfolio of three community solar projects in New York State.
• The agreement covers projects SB 13-1, SB 13-2, and SB-14, which are located on an industrial brownfield owned by Honeywell and regulated by the New York State Department of Environmental Conservation.
• This O&M agreement follows the successful commercial operation and commissioning of the SB 13-2 project, which PowerBank previously developed and constructed under an EPC agreement before selling the assets to Honeywell in September 2023.

Key Details

• Counterparties: PowerBank Corporation (via subsidiary Abundant Solar Power Inc.) and Honeywell International Inc. (specifically Honeywell Aerospace Inc. following a planned spinoff on June 29, 2026).
• Asset Portfolio: A 21-megawatt (MW) portfolio consisting of three specific projects: SB 13-1, SB 13-2, and SB-14.
• Location: New York State, situated on an industrial brownfield owned by Honeywell.
• Agreement Scope: The O&M Services Agreement outlines roles, responsibilities, and performance standards for long-term management, including routine inspection, maintenance, repair, operational monitoring, reporting obligations, cost responsibilities, and coordination protocols.
• Performance Standards: The agreement sets clear expectations for environmental protection, safety, and system reliability over the term of the agreement.
• Project History: PowerBank completed the sale of these projects to Honeywell in September 2023 and entered into an EPC agreement to build them through to commercial operation. The O&M deal was confirmed following the successful commissioning of the SB 13-2 project.
• Company Context: PowerBank highlights its vertically integrated business model (development, EPC, and O&M), noting it has developed and constructed over 100 MW of clean energy projects across North America with a pipeline exceeding one gigawatt.

Notable Quotes

• Andrew van Doorn, President and Chief Operating Officer, PowerBank Corporation: "Securing the O&M agreement on the Honeywell portfolio is a natural extension of the work our team has been executing from day one. When you develop, permit, build, and commission a project, you know it better than anyone, and that knowledge is exactly what makes for reliable long-term operations. This agreement reflects the strength of our full-cycle platform, and the trust Honeywell has placed in PowerBank to deliver not just megawatts, but lasting performance."