PowerBank Advances 2.8 MW Solar Project in New York, Supporting State's Renewable Energy Goals
PowerBank Corporation has secured site control for its 2.8 MW Day Hollow solar project in upstate New York, enabling progression to interconnection studies and supporting the state's renewable energy targets through community solar initiatives.
PowerBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: 103) has secured site control for its 2.8 MW Day Hollow ground-mount solar project in upstate New York, marking a significant step toward advancing renewable energy infrastructure in the region. This development enables the project to progress to the interconnection study phase, moving closer to construction and operation.
The project is expected to qualify under New York's Value of Distributed Energy Resources (VDER) program at an estimated first-year average rate of US$0.0971/kWh. Designed as a community solar initiative, Day Hollow will allow renters, businesses, and homeowners to subscribe and receive bill credits without requiring on-site equipment installation. This approach expands access to renewable energy benefits beyond traditional property owners.
This development contributes directly to New York's Climate Leadership and Community Protection Act target of achieving 6 GW of solar capacity by 2025. The project represents part of PowerBank's broader strategy in North American energy infrastructure development, focusing on distributed and community solar projects that sell electricity to utilities, commercial, industrial, municipal, and residential off-takers.
PowerBank's project portfolio includes solar and Battery Energy Storage System (BESS) projects across multiple leading North American markets. The company maximizes returns through a diverse portfolio that includes projects with utilities, host off-takers, community solar, and virtual net metering arrangements. For additional information about the company's forward-looking statements and risk factors, investors can refer to https://ibn.fm/DrOGN.
The Day Hollow project advancement comes as New York continues to aggressively pursue its renewable energy goals, creating opportunities for developers like PowerBank to contribute to the state's clean energy transition while providing economic benefits to local communities through job creation and energy cost savings.