PowerBank Announces Safe Harbor of 15 Distributed Solar and Energy Storage Projects in New York State

Core Insights - PowerBank Corporation has executed equipment procurement agreements for 15 late-stage distributed solar and energy storage projects in New York, expected to provide approximately 67 MW DC of solar power and 11 MWh of energy storage [1][2] - The total construction value of these projects is estimated at US$168 million, with potential tax credits valued at US$65 million [2][4] - The projects are designed to meet the IRS Physical Work Test before the July 4, 2026 deadline, ensuring eligibility for federal Investment Tax Credits under the One Big Beautiful Bill Act of 2025 [1][4] Project Details - The projects will power the equivalent of 7,500 homes and are part of New York's goal to achieve 10 GW of distributed solar and 6 GW of energy storage by 2030 [1][6] - PowerBank has established strong relationships with Tier 1 suppliers to secure necessary equipment, with commercial operation expected over the next several years, subject to permits and financing [3][5] Investment Tax Credits - Investment Tax Credits (ITC) for solar projects have been available since 2006, providing a 30% tax credit for qualifying installations, with additional bonus adders possible [4] - The One Big Beautiful Bill Act specifies that projects starting construction before July 4, 2026, will remain eligible for these tax credits, which is crucial for the financial viability of the projects [4][5] Company Background - PowerBank Corporation is an independent renewable energy project developer focusing on distributed and community solar projects in North America, with a development pipeline exceeding 1 GW and over 100 MW of completed projects [8]