PowerBank's 2.1 MW Solar Project Nears Permitting After Successful Study Completion

PowerBank Corporation, a North American leader in energy infrastructure development, is excited to report significant progress on its 2.1 megawatt (MW) solar project located on a capped landfill in upstate New York, known as the Phillips Rd Project. This important initiative aims to deliver renewable energy equivalent to powering approximately 262 homes.

Recently, PowerBank achieved a significant milestone by successfully completing the Coordinated Electric System Interconnection Review (CESIR), which is essential for securing the necessary permits. With a land lease already in place, the project can move into the permitting phase with local authorities, further solidifying its position in the region's clean energy landscape.

The Phillips Rd Project is uniquely positioned to qualify for the New York Value of Distributed Energy Resources (VDER) compensation mechanism, which ensures fair compensation for clean energy on the grid. The estimated compensation rate for the first year is projected at $0.0971 per kilowatt-hour (kWh), reinforcing the project’s financial feasibility while supporting local environmental goals.

Additionally, the project stands to gain from various incentives, including those provided by the New York State Energy Research and Development Authority (NYSERDA) through its NY-Sun program, as well as federal Investment Tax Credits under recent legislation such as the Inflation Reduction Act of 2022 and the One Big Beautiful Bill Act of 2025. These incentives will enhance the project's economic viability and attractiveness to stakeholders.

Once permits and financing are obtained, PowerBank is poised to break ground on this community solar initiative. This model allows renters, businesses, and homeowners to subscribe to the solar farm, offering them the chance to receive bill credits and savings without the burden of installing solar panels directly on their properties. By feeding clean energy into the local grid, this project will pave the way for more New Yorkers to engage in the transition towards renewable energy sources.

PowerBank’s experience in the sector is noteworthy, having developed and completed over 100 MW of renewable energy projects, with a pipeline exceeding 1 GW. This wealth of expertise—combined with strong partnerships and institutional-grade capabilities—positions PowerBank to deliver impactful and sustainable renewable energy solutions to the market.

The Phillips Rd Project is a strategic step towards achieving New York’s ambitious goal of 10 GW of solar energy by 2030. Notably, New York has emerged as a national leader in community solar capability, celebrating the successful attainment of its 6 GW solar target under the New York State Climate Act by the fall of 2024.

Despite the promising outlook, there are inherent risks involved in project development. These include the need for a community solar contract, necessary permits, and financing, as well as the potential for governmental revisions to incentive programs or policy support for solar energy, which could impact future economic viability of such projects.

About PowerBank Corporation

PowerBank Corporation is a prominent independent developer and owner of renewable energy projects, particularly focusing on distributed and community solar initiatives across Canada and the United States. The company’s portfolio also includes Battery Energy Storage Systems (BESS) and electric vehicle (EV) charging projects, offering electricity to various off-takers including utilities and residential clients. With a diverse project pipeline and strategic market presence, PowerBank is well-equipped to continue contributing to the renewable energy sector’s growth.