PowerBank Secures 5 MW Solar-plus-Storage Lease and Retains $22.9 M Assets
PowerBank executed a lease for a 5 MW AC hybrid solar and battery storage project in upstate New York, eligible for NY-Sun and Retail Storage incentives. It received a sell-back notice on two Florida solar projects but retains Hardie and Rice Road assets valued at US$22.9 million, slated for Q1 2027 operation.
1. Project Lease Agreement
PowerBank executed a binding lease agreement for a 5 MW AC hybrid solar and battery energy storage system at Conklin Hill Road in upstate New York, expanding its distributed renewable portfolio.
2. Incentive Eligibility and Development Timeline
The project is expected to qualify for NYSERDA’s NY-Sun Program and Retail Storage Incentive Program. Preparatory work includes interconnection screening, permitting steps and securing construction financing ahead of community solar operation.
3. Florida Projects Sell-Back Notice
PowerBank received a sell-back notice for its Gainesville and Highway 28 solar projects after those sites failed to secure required permits. These transactions were terminated and any advanced funds will be returned while strategic options for the assets are evaluated.
4. Hardie and Rice Road Assets
The Hardie and Rice Road community solar projects, with combined value of US$22.88 million, remain under construction. Rice Road racking installation is complete, with module delivery scheduled in H2 2026 and commercial operation targeted for Q1 2027.