PowerBank secures municipal approvals for 14.4 MW solar projects

PowerBank Corporation (NASDAQ: SUUN) has secured municipal approvals for two community solar projects totaling 14.4 megawatts in Skaneateles, New York, the company announced.

The projects, located on industrial brownfield sites in Onondaga County's Finger Lakes Region, have received all required municipal approvals including variances, site plan approval and special use permits. The company will now seek New York Department of Environmental Conservation approval to begin construction.

The projects are expected to power approximately 2,100 homes once operational. Community solar allows renters and homeowners to subscribe to solar projects and receive credits on their electric bills without installing panels on their properties.

Construction will commence following receipt of necessary permits and financing, according to the press release. The company has completed over 100 MW of projects and maintains a development pipeline exceeding 1 gigawatt.

The Skaneateles projects contribute to New York's Climate Leadership and Community Protection Act goal of 6 GW of solar capacity by 2025. New York accounts for nearly one-third of the United States' 6.2 GW of installed community solar capacity.

PowerBank noted several development risks including the need for community solar contracts, required permits, third-party financing availability and construction risks. The company also cited potential changes to government incentives and policy support schemes that could affect project economics.

The Toronto-based company develops solar and battery energy storage projects across Canada and the United States, selling electricity to utilities and various off-takers.

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