5 MW Hybrid Solar and Battery Energy Storage Project Announced by PowerBank

Core Viewpoint - PowerBank Corporation has announced a lease agreement for a 5 MW AC hybrid solar plus battery energy storage project in New York, aimed at enabling local residents to benefit from clean energy without the need for rooftop installations [1][5]. Project Details - The NY-Sapbush project is expected to qualify for incentives under the NY-Sun and Retail Energy Storage Incentive Programs from the New York State Energy Research and Development Authority (NYSERDA) [2]. - The project will operate as a hybrid community solar plus energy storage initiative, allowing local renters and homeowners to save on electricity costs by accessing energy generated from the project [5][6]. Industry Context - Energy storage systems are becoming crucial for New York's grid as the state integrates more renewable energy sources, with a 90% drop in battery costs over the last 15 years contributing to significant growth in this sector globally [3]. - New York aims to achieve 6 GW of solar capacity by 2025, with the state currently accounting for nearly one-third of the United States' total installed solar capacity of 6.2 GW [8]. Company Expertise - PowerBank has completed over 100 MW of projects and has a development pipeline exceeding 1 GW, showcasing its capability in delivering reliable renewable energy solutions [7]. - The company is initiating the preliminary screening analysis as part of the interconnection process, with plans to complete permitting and secure financing for the project [4].