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PowerBank Corporation Confirms Completion of Equipment Procurement Agreements For 23 Distributed Solar and Energy Storage Projects
PowerBank Corporation confirmed the completion of equipment procurement agreements totaling USD 242.3 million in construction value across 23 distributed solar and energy storage projects in New York and Pennsylvania through its wholly owned subsidiary Abundant Solar Power Inc. The Projects, once financed, constructed and operational, are expected to bring approximately 97 MW DC of solar and 42 MWh of energy storage to the United States, with the combined capacity expected to power the equivalent of approximately 11,000 homes. This procurement is expected to enable all 23 Projects to remain eligible for United States federal Investment Tax Credits for energy projects under the One Big Beautiful Bill Act of 2025. The safe harbor of the 23 Projects was secured through two separate equipment procurement milestones. In December 2025, PowerBank executed procurement agreements for 15 late-stage distributed solar and energy storage projects across New York State, representing approximately 67 MW DC of solar and 11 MWh of energy storage, with a construction value estimated at USD 168 million and estimated Investment Tax Credit eligibility of USD 65 million. This was followed by the procurement of transformers and major equipment for an additional 8 distributed solar and energy storage projects across New York and Pennsylvania, representing approximately 30 MW DC of solar and 31 MWh of energy storage, with a construction value estimated at USD 74.3 million and an estimated Investment Tax Credit value of USD 29.7 million. Physical work on the first 15 projects was completed before December 31, 2025, intending to safe harbor those projects via the IRS Physical Work Test. Physical work on the second 8 projects is expected to safe harbor those projects via the IRS Physical Work Test prior to the July 4, 2026 deadline under the One Big Beautiful Bill Act. In total, the estimated value of the Investment Tax Credits associated with the Projects being harbored safely through these procurements is approximately USD 94.7 million, while the total combined construction value of the portfolio is estimated at USD 242.3 million. Investment Tax Credits provide a 30% tax credit for commercial solar installations that meet specific requirements, with opportunities for ITC bonus adders. The One Big Beautiful Bill Act, signed into law on July 4, 2025, specifies that the Section 48E Investment Tax Credit for solar facilities will be phased out, and projects which have begun construction on or before July 4, 2026, will remain eligible for the tax credits with an extended timeline to place the Projects into operation. PowerBank's procurement program was initiated in response to this legislative development and was executed proactively to protect the eligibility of the Projects. PowerBank also notes the June 6, 2026 ruling by a U.S. federal court in Washington, DC, which restored a long-standing provision known as the "5% Safe Harbor." This provision allows solar and wind developers to secure their eligibility for federal Investment Tax Credits by demonstrating that at least 5% of a project's total costs have been incurred, which is a method the industry had relied upon for over a decade before it was eliminated by the IRS in August 2025. The Projects range in size from 500 kW DC to 7 MW DC for distributed solar, and 1.2 MWh to 20 MWh for battery energy storage systems. Once completed, the Projects will be operated as either community solar or net-metered projects across New York and Pennsylvania. Community solar allows up to hundreds of electricity customers to access the economic benefits of solar energy without installing panels onsite, earning credits on their electricity bills from their share of generation. Net-metered projects provide onsite power to a customer behind the meter, with excess power exported to the grid through the VDER compensation mechanism. PowerBank has the option to continue as the owner on some or all of the Projects under its expanding portfolio as an Independent Power Producer, and intends on delivering the full EPC scope for the Projects whether it retains ownership or not. Subject to the receipt of permits and financing, commercial operation of the Projects is expected to occur over the next several years. There are several risks associated with the development of the Projects. The development of any project is subject to receipt of a community solar contract, receipt of interconnection approval, receipt of required permits, the availability of third-party financing arrangements for the Company and the risks associated with the construction of a solar power project. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for solar power, which could result in the Projects receiving less tax credits than estimated and no longer being economic.