PowerBank Corporation (NASDAQ: SUUN) announced it has obtained municipal approvals for a 3.1 megawatt hybrid solar and battery energy storage project on a closed landfill site in Buffalo, New York. The company stated the project is expected to power 388 homes through a community solar arrangement.

The NY-South Park project has received discretionary municipal approvals including a negative declaration under SEQRA, area and use variances, and a zoning map amendment. PowerBank is currently seeking approval from the New York State Department of Environmental Conservation to begin construction.

The project will operate as a community solar installation, allowing renters and homeowners to subscribe and receive credits on their electric bills from the solar electricity generated. Subscribers can access solar benefits without installing panels on their properties.

PowerBank reported it has completed over 100 MW of projects and maintains a development pipeline exceeding 1 GW. The company develops solar and battery storage projects that sell electricity to utilities and various off-takers across Canada and the United States.

The project supports New York's Climate Leadership and Community Protection Act goal of 6 GW of solar capacity by 2025. New York accounts for nearly one-third of the United States' 6.2 GW of installed community solar capacity.

The company noted several development risks including the need for a community solar contract, final construction approval, third-party financing arrangements, and potential changes to government incentives for solar power projects.

Construction timing depends on receiving final construction approval and securing financing, according to the company's press release statement.