PowerBank Brings 4.48MW Online with Three New York Solar Projects
PBK•PowerBank’s Geddes, US1 and VC1 solar projects in New York total 4.48 MW and are operational ahead of summer. Geddes earns $0.1103/kWh under a 25-year VDER rate, while US1 and VC1 have 25-year PPAs with Union Springs and Cazenovia net-metering agreements.
1. Operational Status of New Projects
PowerBank’s Geddes, US1 and VC1 projects, totaling 4.48 MW across New York State, are fully operational as independent power producer assets going into the summer season. The Geddes site functions as a community solar installation under NYSERDA’s NY-Sun program, while US1 and VC1 supply local villages through net metering arrangements.
2. Offtake and Compensation Terms
The Geddes project secures a 25-year Value of Distributed Energy Resources rate averaging $0.1103 per kilowatt-hour in 2026. US1 and VC1 each benefit from 25-year power purchase agreements providing steady revenue streams via net metering with the Village of Union Springs and the Village of Cazenovia, respectively.
3. Strategic Impact and Risks
These functioning assets contribute to PowerBank’s over 100 MW of built capacity and support its 1 GW+ development pipeline aimed at meeting surging digital and AI-driven electricity demand. Key operational risks include potential grid curtailments, extreme weather impacts, technician shortages delaying maintenance, and long-term solar panel degradation.
