PowerBank Corporation (NASDAQ: SUUN) is expanding its U.S. renewable energy footprint with the acquisition of site control for a 2.8 MW solar project in upstate New York and a 3.16 MW project in Pennsylvania. The developments underscore the company's strategy to grow its portfolio of cash-generating independent power producer (IPP) assets for recurring revenue or strategic project sales.
The Day Hollow solar project in New York has secured site control and will now advance to the interconnection study phase, a critical milestone before construction can begin. According to a company news release (https://ibn.fm/f8teZ), the project is expected to qualify under New York's Value of Distributed Energy Resources (VDER) program, which provides incentives for distributed solar generation. The 2.8 MW facility could generate enough electricity to power approximately 374 homes annually.
In Pennsylvania, PowerBank's 3.16 MW project also moves to the interconnection study phase, but its construction depends on the final approval of House Bill 1842. This legislation would enable community solar programs in the state, allowing multiple customers to benefit from a single solar installation. If passed, the bill could open a new market for PowerBank and other developers.
PowerBank has now developed over 100 MW of renewable energy projects and maintains a pipeline exceeding 1 GW. The company focuses on distributed and community solar initiatives across Canada and the U.S., targeting both growth and value creation for stakeholders. By advancing these projects, PowerBank aims to strengthen its position in the U.S. renewable energy market.
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