PowerBank Corporation (NASDAQ: PBK) announced it received $841,555 in incentives from the New York State Energy Research and Development Authority for its 3.1 MW community solar project in Buffalo, New York.

The NY-South Park project, located on a closed landfill site, could qualify for up to an additional $730,234 through NYSERDA's NY-Sun Inclusive Community Solar Adder and Retail Energy Storage Incentive Program, bringing total potential funding to $1,571,789.

The project is expected to generate enough clean energy to power approximately 388 homes annually once operational. The facility will function as a community solar project, allowing residential and commercial customers to subscribe and receive credits on their electricity bills without installing panels on their properties.

PowerBank has previously secured NYSERDA awards for other New York projects including Elmira, Jordan Rd 1, Jordan Rd 2, and Geddes. The company reports having completed over 100 MW of energy projects and maintains a development pipeline exceeding 1 GW.

The NYSERDA award is contingent on the project's continued qualification under state programs, with the authority reserving the right to rescind funding if requirements are not met. Project development remains subject to obtaining community solar contracts, required permits, and third-party financing arrangements.

The NY-Sun Program is a public-private partnership led by NYSERDA that provides incentives and financing to expand solar adoption across New York State. The program supports the state's goal of achieving 10 GW of solar capacity by 2030.