PowerBank Corporation (Nasdaq: PBK) has executed a lease agreement for a 4 MW ground-mount solar project in North Bruce Peninsula, Ontario, according to a company press release.

The project, called the ON-765 West Solar Project, is expected to generate enough electricity to power the equivalent of approximately 640 homes in the province once operational.

PowerBank said the project is expected to be eligible for the Canadian federal government's Clean Technology Investment Tax Credit, which provides qualifying corporations with a refundable tax credit of up to 30% of the capital cost of eligible clean energy investments, including solar and energy storage equipment.

The company said the next step is to complete preliminary assessments and advance the permitting process. PowerBank noted several risks associated with the project's development, including the requirement for permits, the availability of third-party financing, and the possibility that governments may revise or eliminate incentives for solar power projects.

PowerBank describes itself as a vertically integrated energy company that develops, builds, owns, and operates solar and battery energy storage systems. The company states it has developed projects with a combined capacity of over 100 MW and maintains a development pipeline of over 1 GW.