PowerBank Secures NYPA Contract for SUNY Oneonta Solar Project
PowerBank Corporation (NASDAQ:PBK) has secured a contract with the New York Power Authority to develop, construct, own, and operate a 1.628 MW DC ground-mount solar project at SUNY Oneonta. The $3.58 million initiative is expected to qualify for approximately $1.4 million in federal Investment Tax Credits (ITCs), enhancing its financial viability. The behind-the-meter installation will supply electricity directly to campus facilities and generate enough power annually to meet the needs of about 205 homes. PowerBank's wholly owned subsidiary, Abundant Solar Power Inc., was selected through a competitive solicitation process that evaluated technical capabilities, financing strength, execution risk, and delivery schedules. This project expands PowerBank’s vertically integrated model by adding another renewable-energy asset in New York to its portfolio of over 100 MW completed projects. The next key step is obtaining the building permit before construction can begin.
