PowerBank Locks in $242M Procurement for 23 Projects, Securing $94.7M Tax Credits
PBK•PowerBank secured equipment procurement agreements totaling $242.3 million for 23 solar and energy storage projects in New York and Pennsylvania, enabling a 30% federal tax credit valued at $94.7 million. The 97MW DC solar and 42MWh storage portfolio, sufficient for 11,000 homes, meets IRS Safe Harbor requirements.
1. Procurement Agreements Completed
PowerBank’s subsidiary executed equipment procurements totaling $242.3 million across 23 distributed solar and energy storage projects in New York and Pennsylvania. The agreements were split between 15 late-stage sites ($168 million construction value) and 8 additional sites ($74.3 million), securing investment tax credit eligibility.
2. Project Portfolio Details
The combined portfolio comprises 97 MW DC of solar capacity and 42 MWh of battery storage, designed to power approximately 11,000 homes. Project sizes range from 500 kW to 7 MW for solar and from 1.2 MWh to 20 MWh for storage, configured as community solar and net-metered installations.
3. Tax Credit Safe Harbor Strategy
By meeting IRS Physical Work Test milestones before the July 4, 2026 deadline under the One Big Beautiful Bill Act, the portfolio qualifies for an estimated $94.7 million in 30% federal Investment Tax Credits. A recent court ruling restoring the 5% Safe Harbor rule underscores the prudence of PowerBank’s proactive procurement approach.
4. Future Outlook
Subject to permits and financing, commercial operations for the projects will roll out over the next several years. PowerBank may retain ownership on select sites and will deliver full EPC services, leveraging its track record of over 100 MW completed projects to drive execution discipline.
