PowerBank Corporation reports that it has executed equipment procurement agreements for 8 distributed solar and energy storage projects in New York and Pennsylvania through its subsidiary Abundant Solar Power Inc. Once financed, built and operating, these projects are expected to add about 30 MW DC of solar capacity and 31 MWh of storage, enough to power the equivalent of 3,500 homes.
The procurement is expected to safe harbor the projects under the United States federal Investment Tax Credit regime, preserving eligibility before the July 4, 2026 phase-out deadline under the One Big Beautiful Bill Act. The associated Investment Tax Credits are estimated at $29.7 million USD, with an estimated total construction value of $74.3 million USD.
This step brings PowerBank’s total safely harbored portfolio to 23 solar and storage projects with 97 MW DC and 42 MWh expected to remain eligible for tax credits. The company may retain ownership of some or all projects as an Independent Power Producer and plans to deliver full EPC services, while noting typical development risks around permits, interconnection, financing and potential changes to government incentives.