PowerBank advances Buffalo solar project through key permits

PowerBank Corporation (NASDAQ: SUUN) announced that its 3.15 MW solar and energy storage project in Buffalo, New York has received two major permitting approvals, according to a company press release.

The project passed a Waterfront Consistency Review and a Zoning Map Amendment, enabling it to proceed to the Zoning Board of Appeals for an Area Variance. The hybrid solar installation will include 1.2 MWh of energy storage capacity.

The company states the project has the capacity to power 393 homes and will operate as a community solar project upon securing final permits and financing. Community solar allows renters, businesses, and homeowners to subscribe to the solar farm and receive bill credits without installing on-site equipment.

PowerBank expects the project to qualify for financial incentives through NYSERDA's NY-Sun and Retail Energy Storage Incentive Programs. The project may also remain eligible for federal investment tax credits under the One Big Beautiful Bill Act of 2025.

The company reports having completed over 100 MW of projects with a development pipeline exceeding 1 GW. PowerBank develops solar and battery energy storage projects that sell electricity to utilities and commercial, industrial, municipal and residential customers across North America.

The project supports New York's target of 10 GW of distributed solar and 6 GW of energy storage by 2030. The state achieved its Climate Act 6 GW solar goal in fall 2024.

PowerBank noted several risks associated with the project development, including the need to secure community solar contracts, interconnection approval, required permits, and third-party financing arrangements.

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