PowerBank Corporation (NASDAQ: SUUN) has executed a lease agreement for a 5 megawatt AC hybrid solar and battery energy storage project in upstate New York, the company announced. The NY-Conklin Hill Road project is expected to qualify for incentives under the New York State Energy Research and Development Authority's NY-Sun Program and Retail Storage Incentive Program.

The company is initiating preliminary screening analysis as part of the interconnection process. Construction will require interconnection approval, completion of permitting and securing financing. Once operational, the project will function as a community solar plus energy storage facility, allowing local residents and businesses to subscribe and receive credits on their electric bills.

In a separate development, PowerBank disclosed that two previously announced project sales have been terminated. The buyer of PowerBank's Gainesville and Highway 28 solar projects has exercised a sell-back option due to permit delays, requiring PowerBank to return advance payments. The company will evaluate strategic options for these assets, including development as independent power producer assets or sale to other buyers.

Two other projects in the original transaction, Hardie and Rice Road, remain on schedule. Both are under construction with commercial operation expected in the first quarter of 2027. These projects had a combined value of $22.88 million to PowerBank.

PowerBank develops solar and battery energy storage projects across Canada and the United States. The company reports a development pipeline exceeding 1 gigawatt and has completed over 100 megawatts of renewable energy projects. The information is based on a company press release statement.