PowerBank's 5.7 MW New York Solar Project Advances After Clearing Grid Interconnection Study
TL;DR
PowerBank's New York solar project offers investors a competitive $0.0971/kWh first-year rate under VDER, positioning the company for growth in the 6 GW state market.
PowerBank's 5.7 MW solar project completed its CESIR interconnection study, ensuring safe grid connection before proceeding with development and permitting phases.
This community solar project will power 670 homes with clean energy, supporting New York's climate goals and creating a more sustainable future for residents.
PowerBank's solar development pipeline exceeds 1 GW, showcasing rapid growth in renewable energy infrastructure across North American communities.
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PowerBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) announced that its 5.7 MW North Main St solar project in upstate New York has successfully completed its Coordinated Electric System Interconnection Review (CESIR), a critical technical milestone that confirms the project can safely connect to the local electric grid without adverse impacts. This achievement moves the community solar initiative closer to permitting and eventual construction, positioning it to contribute to New York's ambitious renewable energy targets.
The project is expected to qualify under New York's Value of Distributed Energy Resources (VDER) compensation mechanism, with a first-year average rate of $0.0971 per kilowatt-hour. Once operational, the solar facility will generate enough clean energy to power the equivalent of 670 homes, supporting the state's transition away from fossil fuels while providing local residents with access to renewable energy through community solar programs.
This development comes as New York aggressively pursues its climate goals under the Climate Leadership and Community Protection Act, which targets 6 GW of solar capacity by 2025. The successful interconnection study completion demonstrates PowerBank's continued execution capability in a key market for renewable energy development. The company has built more than 100 MW of projects and maintains a development pipeline exceeding 1 GW, establishing itself as a significant player in the distributed solar sector.
The completion of the CESIR study, detailed at https://ibn.fm/MqTpK, represents a crucial step in the project development process, as grid interconnection challenges have historically delayed or prevented renewable energy projects from moving forward. This milestone indicates that the technical feasibility of connecting the solar facility to the existing infrastructure has been verified by grid operators, reducing implementation risks and increasing the likelihood of timely project completion.
For investors and stakeholders following PowerBank's progress, additional information is available in the company's newsroom at https://ibn.fm/SUUN. The advancement of this project reflects the growing momentum behind community solar initiatives, which allow multiple participants to benefit from a single solar array, particularly important for renters and those without suitable roof space for individual solar installations.
Curated from InvestorBrandNetwork (IBN)
