PowerBank receives $1.97M NYSERDA approval for New York solar project

PowerBank Corporation (NASDAQ: SUUN) announced March 10 that its 7 MW Jordan Rd 1 community solar project in Skaneateles Falls, New York received approval for up to $1,965,579 in incentives from the New York State Energy Research and Development Authority through the NY-Sun Program.

The project may qualify for an additional $1,576,520 in NY-Sun incentives through the Inclusive Community Solar Adder. The project also received environmental approvals to operate on brownfield land from the New York State Department of Environmental Conservation.

The solar installation is expected to generate enough electricity to power approximately 875 homes annually once operational. Community solar allows residents to subscribe to a portion of the project's energy output and receive credits on their electric bills without installing panels on their properties.

PowerBank operates as an independent renewable energy project developer focusing on distributed and community solar projects in Canada and the United States. The company has completed over 100 MW of projects and maintains a development pipeline exceeding 1 GW.

The NY-Sun Program represents 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.

Project development remains subject to several conditions including receipt of community solar contracts, required permits, third-party financing arrangements, and successful construction completion.

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