PowerBank Corporation (NASDAQ: PBK) said its Geddes, US1, and VC1 solar projects in New York State, with a combined capacity of approximately 4.48 MW, are operational as the summer season begins, according to a press release from the Toronto-based company.

The Geddes project is enrolled in NYSERDA's NY-Sun program as a Community Solar project and participates in New York's Value of Distributed Energy Resources compensation mechanism, regulated by the New York Public Service Commission. VDER eligibility runs for a minimum of 25 years of operations. For 2026, the Geddes project is estimated to receive an average VDER rate of $0.1103 per kilowatt-hour of solar energy exported to the grid, based on NYSERDA's VDER Calculator.

The US1 project has offtake secured through a 25-year Power Purchase Agreement with the Village of Union Springs, New York, while the VC1 project holds a 25-year Power Purchase Agreement with the Village of Cazenovia, New York. Both projects supply power through net metering.

PowerBank said it conducts regular preventive maintenance, vegetation management, and real-time monitoring across the three projects, with employees periodically visiting the sites.

The company noted several operational risks, including potential grid curtailments, weather-related capacity reductions, shortages of operations and maintenance technicians, and solar panel degradation over time.

The three projects are part of PowerBank's stated portfolio of more than 100 MW of energy capacity already built. The company also claims a development pipeline of over one gigawatt.