PowerBank Corporation has executed a lease agreement for its 6.9 MW DC NY-Crawford Rd ground-mount solar project located in New York's Capital District. The project is expected to qualify for incentives under NYSERDA's NY-Sun Program and will deliver clean, cost-saving power to local residents through a community solar model. This development directly supports New York's ambitious 6 GW solar capacity goal established under the state's Climate Leadership and Community Protection Act, representing a meaningful step toward the state's renewable energy targets.
The company is currently advancing interconnection and permitting steps while securing project financing for the development. PowerBank brings substantial experience to this initiative, having completed over 100 MW of solar projects and maintaining a 1 GW development pipeline. This expertise positions the company to effectively navigate the complex regulatory and development landscape of New York's renewable energy market. The project's advancement comes at a critical time as New York works to accelerate its transition to clean energy sources.
Community solar projects like NY-Crawford Rd enable residents who cannot install solar panels on their own properties to benefit from renewable energy through subscription models. This approach expands access to clean energy while providing financial savings to participants who receive credits on their electricity bills. The model addresses equity concerns in renewable energy adoption by allowing renters, homeowners with shaded roofs, and those with financial constraints to participate in the clean energy transition. This inclusive approach aligns with broader environmental justice principles embedded in New York's climate legislation.
PowerBank's development strategy leverages its diverse portfolio across multiple North American markets, including projects with utilities, host off-takers, community solar, and virtual net metering arrangements. The company's track record in solar development provides confidence in its ability to deliver the NY-Crawford Rd project successfully. As the project moves forward, it will contribute to local job creation during construction and operation phases while reducing carbon emissions in the region. The project represents the type of distributed energy resource development needed to achieve New York's climate goals while maintaining grid reliability.
For additional information about the company's operations and project portfolio, visit www.powerbankcorp.com. Detailed information about forward-looking statements and risk factors can be found at https://ibn.fm/OJgw0 and comprehensive terms of use are available at http://IBN.fm/Disclaimer. The project's success will depend on continued regulatory support, financing completion, and efficient project execution in the coming months.
