PowerBank Provides Progress Update on Three Community Solar Projects in Nova Scotia

Rhea-AI Summary

PowerBank (NASDAQ: SUUN) has provided an update on three Community Solar projects in Nova Scotia, located in Sydney, Brooklyn, and West Petpeswick. The projects, totaling 12.4 MW DC, are expected to receive interconnection results within 30 days, with construction potentially starting in Spring 2026.

The projects will generate 14,369 MWh of clean energy annually, powering the equivalent of 1,140 homes and reducing CO2 emissions by approximately 10,058 tonnes. Over their lifetime, the projects are expected to generate up to $6.95 Million in electricity savings for local communities, offering subscribers bill credits of $0.02/kWh.

These initiatives are part of Nova Scotia's commitment to achieve 80% renewable energy by 2030 and represent one of only four community solar contracts awarded under the program.

Positive

• Projects will generate up to $6.95 Million in electricity savings for local communities
• Company has proven track record with over 100 MW of projects built and 1+ GW development pipeline
• One of only four community solar contracts awarded under Nova Scotia's program
• Project will contribute 12.4 MW DC to Nova Scotia's renewable energy goals
• Multiple government incentives support the projects including SREPs program

Negative

• Interconnection approval still pending and not guaranteed
• Construction not expected to start until Spring 2026
• Project development subject to various risks including permit approvals and third-party financing
• Government incentives may be revised, reduced or eliminated affecting project economics

• Projects to Power a Combined Equivalent of 1,140 Homes Annually
• Part of Nova Scotia's Ambitious 80% Renewable Energy by 2030 Initiative
• Enables Residents and Businesses to Access Solar Without Rooftop Installation
• Projects to Provide a Total of Approximately 14,369 MWh of Clean Energy to the Province Annually, Equivalent to Removing Approximately 10,058 Tonnes of CO2 Emissions and 3,081 Passenger Vehicles from the Road

TORONTO, Sept. 17, 2025 /PRNewswire/ - PowerBank Corporation (NASDAQ: SUUN) (CBOE CA: SUNN) (FSE: 103) ("PowerBank" or the "Company"), a leader in North American energy infrastructure development and asset ownership, is pleased to share a progress update for the three Community Solar projects in Nova Scotia. These projects located in Sydney, Brooklyn, and West Petpeswick (the "Projects") are all expected to receive interconnection results within the next 30 days. If the interconnection results are positive and the projects are financially feasible, the Company expects to begin construction in the Spring of 2026.

The Projects are owned by AI Renewable Flow-through Fund and PowerBank is the lead developer and builder for the Projects. PowerBank will partner with local Nova Scotia's trusted engineering firm, Trimac Engineering, to deliver the Projects. PowerBank has been at the forefront of community solar development in the United States with over 50 MW of community solar projects completed and is proud to be deploying its expertise in Canada as the community solar market develops there.

Over the Projects lifetimes, they will be generating up to a combined $6.95 Million in electricity savings for the local communities in Sydney, Brooklyn and Petpeswick. These savings come with the additional benefits of local job opportunities, economic growth, local educational opportunities regarding renewable energy, improved grid reliability, and emissions reductions.

The Canadian Federal government and the Province of Nova Scotia are very supportive of Community Solar, with a number of incentives, including the Smart Renewables and Electrification Pathways Program (SREPs), Indigenous-Led Clean Energy Stream, and the Low Carbon Communities program.

Community solar is a cornerstone of Nova Scotia's bold commitment to achieve 80% renewable energy by 2030 and net-zero by 2035. As one of only four community solar contracts awarded under the program so far, the three projects contribute approximately 12.4 MW DC to the 100 MW AC of planned solar additions that will help reduce fossil fuel reliance and drive local economic development.

Unlike traditional rooftop systems, community solar allows renters, businesses, and homeowners to subscribe to the solar farm and receive bill credits and savings of $0.02/kWh—without installing any equipment. Project feeds directly into the local electricity grid and offers a flexible, accessible way for Nova Scotians to participate in the clean energy transition.

The Projects leverage PowerBank's proven execution capabilities and strategic partnerships. With over 100 MW of projects built and a 1+ GW development pipeline, PowerBank brings institutional-grade development expertise to Atlantic Canada. The Project's clear timeline ensures near-term EPC revenue generation, and positions PowerBank to obtain additional development contracts in the high-growth community solar market. All MW numbers presented as MW DC unless otherwise specified.

There are several risks associated with the development of the Projects. The development of any project is subject to receipt of interconnection approval, a community solar contract, receipt of required permits, the availability of third-party financing arrangements for the Company and the risks associated with the construction of a solar power project. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for solar power, which could result in the Projects no longer being economic. Please refer to "Forward-Looking Statements" for additional discussion of the assumptions and risk factors associated with the Project and statements made in this press release.

About PowerBank Corporation

PowerBank Corporation is an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects in Canada and the USA. The Company develops solar and Battery Energy Storage System (BESS) projects that sell electricity to utilities, commercial, industrial, municipal and residential off-takers. The Company maximizes returns via a diverse portfolio of projects across multiple leading North America markets including projects with utilities, host off-takers, community solar, and virtual net metering projects. The Company has a potential development pipeline of over one gigawatt and has developed renewable and clean energy projects with a combined capacity of over 100 megawatts built. To learn more about PowerBank, please visit www.powerbankcorp.com.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements and forward-looking information ‎within the meaning of Canadian securities legislation (collectively, "forward-looking ‎statements") that relate to the Company's current expectations and views of future events. ‎Any statements that express, or involve discussions as to, expectations, beliefs, plans, ‎objectives, assumptions or future events or performance (often, but not always, through the ‎use of words or phrases such as "will likely result", "are expected to", "expects", "will ‎continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", ‎‎"projection", "strategy", "objective" and "outlook") are not historical facts and may be ‎forward-looking statements and may involve estimates, assumptions and uncertainties ‎which could cause actual results or outcomes to differ materially from those expressed in ‎such forward-looking statements. In particular and without limitation, this news release ‎contains forward-looking statements pertaining to the Company's expectations regarding its industry trends and overall market growth; the Company's growth strategies the expected energy production from the solar power projects mentioned in this press release; the number of homes expected to be powered; the timeline for construction; the expected savings for local residents; the receipt of interconnection permits and financing to be able to construct the Project; the receipt of incentives for the Project; and the size of the Company's development pipeline. No assurance ‎can be given that these expectations will prove to be correct and such forward-looking ‎statements included in this news release should not be unduly relied upon. These ‎statements speak only as of the date of this news release.‎

Forward-looking statements are based on certain assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate, and are subject to risks and uncertainties. In making the forward looking statements included in this news release, the Company has made various material assumptions, including but not limited to: obtaining the necessary regulatory approvals; that regulatory requirements will be maintained; general business and economic conditions; the Company's ability to successfully execute its plans and intentions; the availability of financing on reasonable terms; the Company's ability to attract and retain skilled staff; market competition; the products and services offered by the Company's competitors; that the Company's current good relationships with its service providers and other third parties will be maintained; and government subsidies and funding for renewable energy will continue as currently contemplated. Although the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and the Company cannot assure that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties and assumptions, investors should not place undue reliance on these forward-looking statements.

Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including those listed under "Forward-‎Looking Statements" and "Risk ‎Factors" in the Company's most recently completed Annual Information Form, and other public filings of the Company, which include: the Company may be adversely affected by volatile solar power market and industry conditions; the execution of the Company's growth strategy depends upon the continued availability of third-party financing arrangements; the Company's future success depends partly on its ability to expand the pipeline of its energy business in several key markets; governments may revise, reduce or eliminate incentives and policy support schemes for solar and battery storage power; general global economic conditions may have an adverse impact on our operating performance and results of operations; the Company's project development and construction activities may not be successful; developing and operating solar Project exposes the Company to various risks; the Company faces a number of risks involving Power Purchase Agreements ("PPAs") and project-level financing arrangements; any changes to the laws, regulations and policies that the Company is subject to may present technical, regulatory and economic barriers to the purchase and use of solar power; the markets in which the Company competes are highly competitive and evolving quickly; an anti-circumvention investigation could adversely affect the Company by potentially raising the prices of key supplies for the construction of solar power projects; foreign exchange rate fluctuations; a change in the Company's effective tax rate can have a significant adverse impact on its business; seasonal variations in demand linked to construction cycles and weather conditions may influence the Company's results of operations; the Company may be unable to generate sufficient cash flows or have access to external financing; the Company may incur substantial additional indebtedness in the future; the Company is subject to risks from supply chain issues; risks related to inflation and tariffs; unexpected warranty expenses that may not be adequately covered by the Company's insurance policies; if the Company is unable to attract and retain key personnel, it may not be able to compete effectively in the renewable energy market; there are a limited number of purchasers of utility-scale quantities of electricity; compliance with environmental laws and regulations can be expensive; corporate responsibility may adversely impose additional costs; the future impact of any global pandemic on the Company is unknown at this time; the Company has limited insurance coverage; the Company will be reliant on information technology systems and may be subject to damaging cyberattacks; the Company may become subject to litigation; there is no guarantee on how the Company will use its available funds; the Company will continue to sell securities for cash to fund operations, capital expansion, mergers and acquisitions that will dilute the current shareholders; and future dilution as a result of financings.

The Company undertakes no obligation to update or revise any ‎forward-looking statements, whether as a result of new information, future events or ‎otherwise, except as may be required by law. New factors emerge from time to time, and it ‎is not possible for the Company to predict all of them, or assess the impact of each such ‎factor or the extent to which any factor, or combination of factors, may cause results to ‎differ materially from those contained in any forward-looking statement. Any forward-‎looking statements contained in this news release are expressly qualified in their entirety by ‎this cautionary statement.‎

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SOURCE PowerBank Corporation

FAQ

What is the total capacity of PowerBank's Nova Scotia community solar projects?

The three community solar projects have a total capacity of 12.4 MW DC, located in Sydney, Brooklyn, and West Petpeswick.

How many homes will PowerBank's Nova Scotia solar projects power?

The projects will power the equivalent of 1,140 homes annually, providing approximately 14,369 MWh of clean energy to the province each year.

What are the expected cost savings from PowerBank's (SUUN) Nova Scotia solar projects?

The projects are expected to generate up to $6.95 Million in electricity savings for local communities over their lifetime, with subscribers receiving bill credits of $0.02/kWh.

When will PowerBank begin construction on the Nova Scotia solar projects?

PowerBank expects to begin construction in Spring 2026, pending positive interconnection results and financial feasibility assessment.

How much CO2 emissions will PowerBank's Nova Scotia projects reduce?

The projects will reduce approximately 10,058 tonnes of CO2 emissions, equivalent to removing 3,081 passenger vehicles from the road.