The portfolio consists of the Highway 28 and Gainesville projects, totaling 13.9 megawatts of capacity. The Highway 28 site, a 6.9-megawatt installation, is the furthest along in development with an expected construction start in the third quarter of 2026. It has already cleared major permitting hurdles and secured interconnection agreements, alongside eligibility for significant incentives under New York’s NY-Sun and Inclusive Community Solar Adder programs.
PowerBank Reacquires New York Solar Portfolio to Boost Asset Ownership
PowerBank Corporation has finalized the repurchase of two community solar projects in New York, a move designed to strengthen the company’s independent power portfolio. The deal, involving a total construction value of US$32.5 million, secures future assets that the firm originally developed and intends to bring to commercial operation.
PowerBank acquired the projects for a combined purchase price of approximately US$2.4 million in milestone payments. Both sites qualified for federal Investment Tax Credits under the One Big Beautiful Bill Act of 2025 by meeting the July 4, 2026, deadline for physical work. While the Highway 28 project is moving toward onsite mobilization, the 7-megawatt Gainesville site remains in the permitting stage and is currently subject to a legal appeal regarding a variance application. Once operational, these projects will function as community solar arrays, allowing local residents and renters to subscribe for grid-based energy savings.
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