PowerBank Sells US$41 Million New York Community Solar Portfolio to Fund IPP Growth

An update from Solarbank Corp. ( (TSE:SUNN) ) is now available.

PowerBank Corporation has agreed to sell its Elmira, Jordan Road 1 and Jordan Road 2 community solar projects in New York State, totaling 16.87 MW of capacity, to Solar Advocate Development in a transaction valued at about US$41 million. Under the deal, PowerBank will also act as engineering, procurement and construction contractor through commercial operation, leveraging accelerated development timelines under recent state legislation. The three ground-mount community solar installations, which have secured key interconnection and permitting milestones and are positioned to qualify for NY-Sun incentives, highlight PowerBank’s ability to originate and de-risk high-quality assets. The company plans to recycle net proceeds from this and similar strategic sales into its owned IPP portfolio, reinforcing its capital-light growth model and strengthening its position in New York’s expanding community solar market, though the transaction remains subject to construction, financing and contractual risks.

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 focused on renewable power, particularly solar energy. The company builds and monetizes solar projects while expanding its portfolio as an Independent Power Producer, with a growing presence in U.S. markets such as New York State and an emphasis on community solar serving residential and small business customers.

Technical Sentiment Signal: Buy

Current Market Cap: C$261.2M

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