Northwire Canada EditionTuesday, October 20, 2026
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Financings

$920,000 USD Received by PowerBank in Closing of Term Conversion of Financing for Geddes Project

By The Northwire Desk — AI Analysis Feb 02, 2026 · 07:07 SUNN · 2.22 POWERBANK CORPORATION
SUNN · Price

Executive Summary

  • PowerBank Corporation received $920,000 USD from Seminole Financial Services as part of the conversion of its construction loan for the Geddes community solar project into a mini‑perm loan.
  • The original $2.6 M construction loan is now partially converted; the remaining principal on the mini‑perm loan stands at $1,695,000 USD with a maturity date of 20 January 2032.
  • The conversion follows the project's substantial completion and operational start (July 25 2025), providing long‑term financing to support ongoing operations.

Key Details

  • Funding Received: $920,000 USD transferred on closing of term conversion.
  • Original Loan Agreement: $2,600,000 USD construction loan with Seminole Financial Services, LLC.
  • Conversion Mechanics: Upon substantial completion and receipt of operating permission, the loan converted to a mini‑perm facility subject to customary conditions.
  • Current Mini‑Perm Balance: Principal amount now $1,695,000 USD.
  • Maturity Date: 20 January 2032.
  • Project Status: Geddes Project in Upstate New York is fully operational as a community solar asset since 25 July 2025.
  • Use of Funds: Supports transition from construction financing to long‑term debt, enabling continued operation and maintenance of the community solar facility.
  • Lender Profile: Seminole Financial Services has financed > US$3.5 Billion in renewable energy projects since 2009, focusing on underserved market segments.

Notable Quotes

(No direct quotes were provided in the release.)

Read the original news release →

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