$8 Million USD Loan Secured by PowerBank to Accelerate Independent Power Producer Portfolio

Core Viewpoint - PowerBank Corporation has secured a revolving credit facility of up to $8 million from NY Green Bank to fund interconnection deposits for an initial portfolio of 50 MW of distributed solar power and battery energy storage projects in New York State [2][4]. Company Overview - PowerBank Corporation is a North American renewable energy developer and independent power producer, focusing on distributed solar and Battery Energy Storage System (BESS) projects across Canada and the United States [5]. - The company has developed and constructed renewable energy projects exceeding 100 megawatts of combined capacity and maintains a robust development pipeline of over one gigawatt of potential future projects [6]. Loan Agreement Details - The loan agreement with NY Green Bank is for a revolving credit facility with an initial principal amount of up to $8 million, which may be increased to $12 million at NYGB's discretion [8]. - The funds will be used to pay interconnection deposits required by utilities for the connection of solar power and battery energy storage projects, which are refundable if the projects do not reach commercial operation [7][8]. Strategic Importance - The financing from NY Green Bank is seen as an excellent opportunity for PowerBank, reflecting its established track record in New York State and strong relationship with NYSERDA [4]. - The loan provides a key source of capital that allows PowerBank to execute its development pipeline and redeploy proceeds to additional projects as they reach commercial operation [4].