PowerBank Advances 5.7 MW Solar Project in New York Following Interconnection Review Completion
TL;DR
PowerBank's New York solar project offers investors exposure to renewable energy growth with a projected first-year rate of $0.0971/kWh under state incentives.
The 5.7 MW solar project completed interconnection review and advances to permitting, utilizing New York's Value of Distributed Energy Resources compensation mechanism.
This community solar initiative provides clean energy to the grid while enabling renters and homeowners to access bill credits and savings.
PowerBank develops solar projects exceeding 1 GW capacity, supporting New York's goal of 6 GW solar by 2025 through distributed energy solutions.
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PowerBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: 103) announced that its 5.7 MW North Main St ground-mount solar project in upstate New York has completed its Coordinated Electric System Interconnection Review and will now advance to site permitting. The project is expected to qualify for New York's Value of Distributed Energy Resources compensation mechanism with an estimated first-year average rate of US$0.0971/kWh.
This development represents a significant step forward in New York's renewable energy infrastructure, as the project supports the state's Climate Leadership and Community Protection Act goal of achieving 6 GW of solar capacity by 2025. The community solar initiative will deliver clean energy to the local grid while enabling renters, businesses, and homeowners to subscribe for bill credits and savings, making renewable energy more accessible to a broader segment of the population.
PowerBank, with over 100 MW of completed projects and a development pipeline exceeding 1 GW, demonstrates the growing momentum in the distributed solar energy sector. The company's progress on this project highlights the increasing viability of community solar models that allow multiple stakeholders to benefit from renewable energy generation without requiring individual property installations.
The advancement of this project comes at a critical time when states are accelerating their transition to clean energy sources. New York's ambitious renewable energy targets, combined with compensation mechanisms like the Value of Distributed Energy Resources program, create favorable conditions for solar development. For more information about the company's developments, visit https://www.powerbankcorp.com.
The successful completion of the interconnection review process indicates that the project has met technical requirements for connecting to the local grid, reducing implementation risks. This milestone is particularly important for investors and stakeholders monitoring the company's progress in executing its development pipeline. Additional details about forward-looking information can be found at https://ibn.fm/pSPnr.
As renewable energy projects continue to gain traction across North America, PowerBank's advancement of the North Main St solar project serves as an indicator of the broader industry's growth potential. The project's progression through regulatory and technical hurdles demonstrates the maturing infrastructure supporting solar energy deployment in markets with supportive policy frameworks.
Curated from InvestorBrandNetwork (IBN)
