PowerBank solar project for Honeywell begins operation in New York

PowerBank Corporation (NASDAQ: PBK) announced that its 7.01 MW DC ground-mount community solar project, known as SB 13-2, has achieved commercial operation in upstate New York.

The project was developed and constructed by PowerBank for Honeywell International Inc. (NASDAQ: HON) as part of a $41 million transaction covering a portfolio of three community solar projects totaling 21 MW DC. The site is built on an industrial brownfield regulated by the New York State Department of Environmental Conservation and owned by Honeywell.

The facility is expected to supply energy credits to subscribers under the NYSERDA NY-Sun Program. PowerBank said the project is capable of powering approximately 875 homes annually.

Honeywell plans to transfer the project from Honeywell International Inc. to Honeywell Aerospace Inc. upon the completion of its planned spinoff of Honeywell Aerospace, scheduled for June 29, 2026.

PowerBank completed the sale of the three-project portfolio to Honeywell in September 2023 and entered into an engineering, procurement, and construction agreement to build the projects through to commercial operation. The total transaction value, including the sale and the construction agreement, is approximately $41 million. SB 13-2 is the second project in the portfolio; SB 13-1 and SB-14 are also part of the arrangement.

Andrew van Doorn, President and COO of PowerBank, said: "The commercial operation of SB 13-2 marks another important milestone in PowerBank's execution of the Honeywell portfolio and demonstrates our full-cycle capability, from site origination and development through EPC construction and commercial operation."

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