PowerBank Unveils 2.8 MW Solar Project to Illuminate 374 Homes in New York

PowerBank Corporation Advances Renewable Energy Initiatives

PowerBank Corporation (NASDAQ: SUUN), a prominent player in North America’s energy infrastructure sector, has made a significant leap forward with its recently announced 2.8 MW solar project located in Day Hollow, New York. The initiative is expected to provide sustainable energy solutions that will power 374 homes, showcasing a strong commitment to enhancing the region’s renewable energy capabilities.

Project Details and Progression

The Day Hollow project has successfully attained site control, which marks a critical step towards entering the interconnection study phase. This phase will determine how the solar facility will integrate into the current energy grid. The project's design ensures that it will qualify for New York’s compensation mechanism known as the Value of Distributed Energy Resources (VDER), promising an advantageous rate of approximately $0.0971/kWh for the first year. This compensation mechanism is instrumental, as it guarantees fair remuneration for the eco-friendly energy released into the grid, thus bolstering both the financial and environmental soundness of the project.

Pending necessary permits and financing approvals, PowerBank plans to kick off construction shortly. Once operational, this facility will function as a community solar initiative, presenting a unique opportunity for renters, businesses, and homeowners to partake in renewable energy without the burden of on-site installations. Participants will benefit from bill credits and savings by subscribing to the solar farm, feeding clean electricity straight into New York's power grid—this model is pivotal in promoting wider adoption of renewable resources and facilitating a seamless transition towards a greener economy.

PowerBank's Vision and Expertise

With a well-established history of successfully completed projects totaling over 100 MW and a robust development pipeline exceeding 1 GW, PowerBank’s capabilities position it as a trusted developer in the renewable energy landscape. By forming strategic partnerships and leveraging institutional-grade development resources, PowerBank is set to deliver reliable renewable energy solutions that have a substantial impact on local communities.

The Day Hollow solar project aligns with New York's ambitious Climate Leadership and Community Protection Act, which aims for the state to reach 6 GW of solar capacity by 2025. Currently, New York accounts for nearly one-third of the total installed solar capacity in the United States, boasting 6.2 GW, making it a national leader in community solar initiatives. PowerBank takes pride in contributing towards this transformative goal.

Challenges and Forward-Looking Statements

While the prospects of the project look promising, several risks accompany its development. The success of the Day Hollow solar venture hinges on obtaining essential community solar contracts, interconnection approvals, and necessary permits, alongside securing external financing. Changes in governmental policies that affect incentives for solar energy could also pose challenges that might render future projects economically unviable.

As per the company's forward-looking statements, they are subject to various uncertainties and assumptions. Any predictions regarding project timelines, energy outputs, and community impacts should be evaluated with caution.

About PowerBank Corporation

PowerBank Corporation operates as an independent developer and owner of renewable and clean energy initiatives, with a special focus on distributed and community solar projects throughout Canada and the United States. Their approach encompasses developing solar installations and Battery Energy Storage Systems (BESS) that cater to utilities, businesses, and residential sectors alike. PowerBank aims to maximize returns through a diversified portfolio across several key North American markets.

To learn more about the company’s initiatives, visit www.powerbankcorp.com.

With the unveiling of the Day Hollow solar project, PowerBank is on the path to effortlessly integrate sustainable energy solutions into the daily lives of New Yorkers, all while nourishing the progression towards a greener planet.