#United States #New York #PowerBank Corp #North Main St #VDER

PowerBank Achieves Major Milestone for Community Solar Project

PowerBank Corporation, a prominent developer of energy infrastructure in North America, has announced a significant advancement in its 5.7 MW solar project located on North Main Street in upstate New York. The project has successfully completed its Coordinated Electric System Interconnection Review (CESIR), which is a critical step towards obtaining the necessary permits for construction.

This new solar initiative is particularly exciting as it aims to power approximately 670 homes, representing a substantial contribution to the local energy landscape. The North Main Street project is designed to qualify for New York's Value of Distributed Energy Resources (VDER) compensation mechanism. This mechanism promises an estimated first-year average rate of $0.0971 per kilowatt-hour (kWh), thereby ensuring that the clean energy produced can be fairly compensated, reinforcing both the financial and environmental viability of the initiative.

The innovative model behind this community solar project enables renters and business owners, along with homeowners, to access solar power without needing to install solar panels on their properties. Instead, subscribers will receive bill credits and savings, making it easier for more New Yorkers to participate in the clean energy transition without the upfront costs associated with traditional solar installations.

Once PowerBank secures the necessary permits and financing, construction is set to begin, marking a pivotal moment not just for the company but for the local community as well. This transformative project will contribute to New York State's ambitious goal of achieving 6 GW of solar capacity by 2025, as outlined in the Climate Leadership and Community Protection Act. With nearly one-third of the U.S.'s total installed solar capacity, New York is leading the charge in renewable energy adoption, and PowerBank's project is a fundamental part of this movement.

PowerBank has a proven track record in the renewable energy space, with over 100 MW of projects successfully completed and a development pipeline that exceeds 1 GW. The company’s ability to establish strategic partnerships and execute institutional-grade developments establishes it as a reliable player in the renewable energy market, capable of providing high-impact solutions.

However, it's essential to consider the potential risks associated with the development of this project. Conditions such as the need for a community solar contract, obtaining various permits, and securing financing from third parties all pose challenges that could affect the project's timeline and feasibility. Additionally, any changes in government policy regarding incentives and subsidies can influence the economic viability of such projects.

PowerBank Corporation's dedication to expanding access to clean energy underscores its mission to foster a sustainable future. As the company continues advancing the North Main St initiative, community members and stakeholders are eager to see how these developments unfold, creating opportunities for renewable energy adoption across the region.

About PowerBank Corporation

PowerBank Corporation, listed on NASDAQ as SUUN and operating under ticker symbols SUNN on Cboe CA and 103 on FSE, focuses on developing and owning renewable and clean energy projects across North America. The company specializes in community solar, Battery Energy Storage Systems (BESS), and electric vehicle charging stations, catering to utility, commercial, industrial, municipal, and residential customers. The firm’s diversified project portfolio and extensive pipeline reflect its commitment to maximizing returns while supporting the development of scalable renewable energy solutions. For more details, visit PowerBank's official website.