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PowerBank's 5.7 MW North Main St Project Successfully Completes Major Interconnection Study on Path to Permitting

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PowerBank (NASDAQ: SUUN) announced the completion of a major interconnection study (CESIR) for its 5.7 MW North Main St solar project in upstate New York. The project, designed to power approximately 670 homes, will operate as a community solar initiative and qualifies for New York's VDER compensation at $0.0971/kWh in the first year.

The project advances New York's Climate Leadership goal of achieving 6 GW of solar capacity by 2025. PowerBank, with over 100 MW of completed projects and a 1 GW+ development pipeline, will proceed with permitting and financing before construction begins. The community solar model will allow local residents and businesses to subscribe and receive bill credits without installing on-site equipment.

PowerBank (NASDAQ: SUUN) ha annunciato il completamento di uno studio di interconnessione (CESIR) per il suo progetto solare da 5,7 MW North Main St nello stato di New York. Il progetto, pensato per alimentare circa 670 abitazioni, sarà realizzato come iniziativa di community solar e beneficia della compensazione VDER di New York pari a $0,0971/kWh nel primo anno.

Il progetto contribuisce all'obiettivo del New York Climate Leadership di raggiungere 6 GW di capacità solare entro il 2025. PowerBank, con oltre 100 MW di progetti completati e un portafoglio di sviluppo superiore a 1 GW, procederà con le autorizzazioni e il finanziamento prima dell'avvio dei lavori. Il modello di community solar permetterà a residenti e imprese locali di sottoscrivere quote e ricevere crediti in bolletta senza installare apparecchiature in sito.

PowerBank (NASDAQ: SUUN) anunció la finalización de un estudio de interconexión (CESIR) para su proyecto solar de 5,7 MW North Main St en el norte del estado de Nueva York. El proyecto, diseñado para abastecer aproximadamente a 670 hogares, funcionará como una iniciativa de energía comunitaria y califica para la compensación VDER de Nueva York de $0.0971/kWh en el primer año.

El proyecto impulsa la meta del Climate Leadership de Nueva York de alcanzar 6 GW de capacidad solar para 2025. PowerBank, con más de 100 MW de proyectos completados y una cartera de desarrollo superior a 1 GW, seguirá con los permisos y la financiación antes de iniciar la construcción. El modelo de energía comunitaria permitirá a residentes y empresas locales suscribirse y recibir créditos en la factura sin instalar equipos en sus propiedades.

PowerBank (NASDAQ: SUUN)이(가) 뉴욕주 업스테이트에 위치한 5.7 MW North Main St 태양광 프로젝트에 대한 주요 연계 연구(CESIR)를 완료했다고 발표했습니다. 약 670가구에 전력을 공급하도록 설계된 이 프로젝트는 커뮤니티 태양광으로 운영되며, 첫 해에는 뉴욕의 VDER 보상 기준인 $0.0971/kWh를 적용받습니다.

이 프로젝트는 2025년까지 6 GW 태양광 용량 달성이라는 뉴욕의 기후 리더십 목표를 진전시킵니다. PowerBank는 100 MW 이상의 완공 프로젝트1 GW 이상의 개발 파이프라인을 보유하고 있으며, 착공 전 허가 및 자금 조달을 진행할 예정입니다. 커뮤니티 태양광 모델을 통해 지역 주민과 기업은 현장 장비 설치 없이 구독해 전기요금 크레딧을 받을 수 있습니다.

PowerBank (NASDAQ: SUUN) a annoncé l'achèvement d'une étude d'interconnexion majeure (CESIR) pour son projet solaire de 5,7 MW North Main St dans le nord de l'État de New York. Le projet, conçu pour alimenter environ 670 foyers, fonctionnera comme une initiative de solaire communautaire et bénéficie de la rémunération VDER de New York de 0,0971 $/kWh la première année.

Le projet fait progresser l'objectif Climate Leadership de New York visant à atteindre 6 GW de capacité solaire d'ici 2025. PowerBank, avec plus de 100 MW de projets achevés et un pipeline de développement de plus de 1 GW, avancera les autorisations et le financement avant le début de la construction. Le modèle de solaire communautaire permettra aux résidents et entreprises locaux de s'abonner et de recevoir des crédits de facture sans installer d'équipements sur site.

PowerBank (NASDAQ: SUUN) gab den Abschluss einer umfassenden Netzanschlussstudie (CESIR) für sein 5,7 MW North Main St Solarprojekt im Upstate New York bekannt. Das Projekt, ausgelegt zur Stromversorgung von rund 670 Haushalten, wird als Community-Solar-Initiative betrieben und erhält im ersten Jahr die VDER-Vergütung von $0,0971/kWh in New York.

Das Projekt trägt zur Zielvorgabe des New York Climate Leadership bei, bis 2025 6 GW Solarleistung zu erreichen. PowerBank, mit über 100 MW abgeschlossenen Projekten und einer Entwicklungs-Pipeline von mehr als 1 GW, wird vor Baubeginn Genehmigungen und Finanzierung vorantreiben. Das Community-Solar-Modell ermöglicht es lokalen Haushalten und Unternehmen, Anteile zu abonnieren und ohne Vor-Ort-Installation Gutschriften auf ihre Stromrechnung zu erhalten.

Positive
  • Project qualifies for New York's VDER compensation at $0.0971/kWh
  • Company has strong track record with 100 MW completed projects and 1 GW+ development pipeline
  • Project aligns with New York's renewable energy goals, positioning in a key growth market
  • Community solar model provides accessible clean energy solution without requiring on-site installation
Negative
  • Project still requires permits and financing before construction can begin
  • Future projects face risks from potential government policy changes affecting incentives
  • Project success depends on securing community solar contracts

Insights

PowerBank advances 5.7MW NY solar project past critical interconnection review, positioning it for community solar development with $0.0971/kWh compensation.

PowerBank Corporation has successfully completed the Coordinated Electric System Interconnection Review (CESIR) for its 5.7 MW North Main St ground-mount solar project in upstate New York. This technical milestone is crucial as it confirms grid compatibility and clears the path for the permitting phase.

The project has strategic economic positioning through New York's Value of Distributed Energy Resources (VDER) compensation mechanism, with a projected first-year rate of US$0.0971/kWh. This rate structure provides revenue visibility and enhances the project's financial stability.

What makes this particularly noteworthy is the community solar business model, which democratizes renewable energy access. Unlike traditional solar installations that require property ownership and significant upfront investment, community solar allows diverse participants—including renters and businesses—to subscribe for bill credits without installing equipment. This expands the addressable market substantially.

The project contributes to New York State's Climate Leadership and Community Protection Act goal of 6 GW of solar capacity by 2025. New York has established itself as a community solar leader, representing approximately 33% of the 6.2 GW of installed community solar capacity nationwide.

PowerBank demonstrates execution credibility with over 100 MW of completed projects and a development pipeline exceeding 1 GW. While this 5.7 MW project is relatively small compared to their pipeline, the completion of the interconnection study represents tangible development progress in a state with favorable renewable energy policies.

Project to Power Equivalent of 670 Homes

TORONTO, Aug. 26, 2025 /PRNewswire/ - PowerBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: 103) ("PowerBank" or the "Company"), a North American energy infrastructure developer and asset owner, is pleased to announce that its 5.7 MW North Main St ground-mount solar project (the "Project"), located in upstate New York, has completed its Coordinated Electric System Interconnection Review (CESIR), and now can proceed to the next important milestone: permitting the Project site.

The North Main St project is poised to qualify for New York's Value of Distributed Energy Resources (VDER) compensation mechanism under Case 15-E-0751, with an estimated first-year average rate of US$0.0971/kWh. This VDER rate ensures fair compensation for clean energy delivered to the grid, reinforcing the project's financial and environmental viability.

Upon securing permits and financing, PowerBank will commence construction, with the project set to operate as a community solar initiative. This innovative model enables renters, businesses, and homeowners to subscribe to the solar farm, receiving bill credits and savings without installing on-site equipment. By feeding clean energy directly into the local grid, North Main offers an accessible pathway for New Yorkers to embrace the clean energy transition.

PowerBank's proven expertise, with over 100 MW of completed projects and a development pipeline exceeding 1 GW, underpins the project's execution. Strategic partnerships and institutional-grade development capabilities position PowerBank to deliver reliable, high-impact renewable energy solutions.

The North Main St project advances New York's ambitious Climate Leadership and Community Protection Act goal of 6 GW of solar capacity by 2025. As a national leader in community solar, New York accounts for nearly one-third of the United States' 6.2 GW of installed solar capacity, and PowerBank is honored to contribute to this transformative milestone.

There are several risks associated with the development of the Project. The development of any project is subject to receipt of 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 future projects no longer being economic. Please refer to "Forward-Looking Statements" for additional discussion of the assumptions and risk factors associated with the Projects 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, Battery Energy Storage System (BESS) and EV Charging 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 CO2 reductions; the expected savings for local residents; expected revenues and benefits of the Project to the Company; the receipt of interconnection approval, permits and financing to be able to construct the Projects; the receipt of incentives for the Projects; 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 projects 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.‎

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/powerbanks-5-7-mw-north-main-st-project-successfully-completes-major-interconnection-study-on-path-to-permitting-302538341.html

SOURCE PowerBank Corporation

FAQ

What is the capacity of PowerBank's North Main St solar project in New York?

PowerBank's North Main St project has a capacity of 5.7 MW and is expected to power the equivalent of 670 homes.

What is the VDER compensation rate for PowerBank's North Main St project?

The project qualifies for New York's VDER compensation mechanism with an estimated first-year average rate of US$0.0971/kWh.

How many completed projects does PowerBank (NASDAQ: SUUN) have?

PowerBank has over 100 MW of completed projects and maintains a development pipeline exceeding 1 GW.

How will residents benefit from PowerBank's North Main St community solar project?

Residents, businesses, and homeowners can subscribe to receive bill credits and savings without installing on-site solar equipment.

What are the main risks for PowerBank's North Main St project?

The project faces risks including the need to secure permits, community solar contracts, third-party financing, and potential changes in government incentives.
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