PowerBank Secures US$41 Million Community Solar Deal in New York, Receives First US$4 Million Payment

Solarbank Corp. ( (TSE:SUNN) ) just unveiled an update.

PowerBank Corporation has received an initial US$4 million payment as part of a roughly US$41 million transaction with long-time partner Solar Advocate Development for three New York community solar projects—Elmira, Jordan Road 1 and Jordan Road 2—totaling 16.87 MW of capacity. The deal, which will pay out over the development and construction period as milestones are met, marks the 11th joint project between the companies since 2018 and underscores PowerBank’s execution strength in securing interconnection, permits, NYSERDA qualification and site readiness in a challenging regulatory environment. Management says the transaction both monetizes select development assets under New York’s evolving policy framework and supports PowerBank’s broader independent power producer growth strategy, reinforcing its financial performance and deepening its foothold in the state’s community solar sector.

The most recent analyst rating on (TSE:SUNN) stock is a Buy with a C$6.00 price target. To see the full list of analyst forecasts on Solarbank Corp. stock, see the TSE:SUNN Stock Forecast page.

More about Solarbank Corp.

PowerBank Corporation is a North American energy infrastructure developer and asset owner specializing in community solar and distributed generation projects, with a strong operational and market focus in New York State. Through its engineering, procurement and construction services and long-term development partnerships, the company converts raw land into construction-ready solar assets, contributing to its profitability and positioning it as a leading player in New York’s complex, incentive-driven solar market.

Technical Sentiment Signal: Buy

Current Market Cap: C$261.2M

For detailed information about SUNN stock, go to TipRanks’ Stock Analysis page.