- The 5.7 MW North Main St solar project in upstate New York is expected to qualify under the state’s VDER compensation mechanism, with a first-year average rate of $0.0971/kWh.
- Once operational, the community solar project will provide energy equivalent to 670 homes.
- PowerBank has more than 100 MW of projects built and a development pipeline exceeding 1 GW.
- New York remains a central market, targeting 6 GW of solar capacity by 2025 under its Climate Leadership and Community Protection Act.
Disseminated on behalf of PowerBank Corporation
PowerBank (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2), a premier developer and owner of renewable and clean energy projects, specializing in distributed and community solar initiatives throughout Canada and the U.S., announced that its 5.7 MW North Main St solar project in upstate New York has cleared a major technical milestone with the completion of its Coordinated Electric System Interconnection Review (“CESIR”) (https://ibn.fm/MqTpK).
This review ensures that the planned project can connect safely to the local electric grid without adverse impacts, a prerequisite for moving forward with development. With the study finalized, the project will now advance into the permitting stage.
Once approved and financed, the North Main St project will be built as a community solar facility. Instead of requiring customers to install panels on rooftops, the project allows renters, businesses, and homeowners to subscribe to the solar farm. Participants receive credits on their utility bills for their share of the energy produced.
By delivering clean power directly into the local grid, the project is expected to supply electricity equivalent to the annual consumption of about 670 households.
The project is expected to qualify for New York’s Value of Distributed Energy Resources (“VDER”) program, which determines compensation rates for distributed energy projects. The first-year average rate is estimated at $0.0971 per kilowatt-hour, according to PowerBank’s announcement.
This compensation mechanism provides financial clarity and helps ensure project bankability. For investors, the VDER framework offers greater predictability compared with traditional net metering, aligning payment rates with the value that distributed solar brings to the grid.
The state of New York has emerged as a leader in community solar, accounting for nearly one-third of the U.S. total installed capacity of 6.2 GW. The state’s Climate Leadership and Community Protection Act sets a target of 6 GW of solar by 2025, making projects such as North Main critical to meeting these goals. For PowerBank, New York represents not only a strategic growth market but also one of the most supportive policy environments for distributed renewable energy.
PowerBank has completed over 100 MW of renewable energy projects to date, spanning solar and battery energy storage initiatives across North America. Its current development pipeline exceeds 1 GW, offering diversification across multiple markets and technologies. As an asset owner and developer, the company generates value both from selling power through long-term agreements and from recurring revenues tied to community solar subscription models.
For more information, visit the company’s website at https://PowerBankCorp.com.
This report contains forward looking information. Please refer to the press release entitled “PowerBank’s 5.7 MW North Main St Project Successfully Completes Major Interconnection Study on Path to Permitting” and dated August 26, 2025, for additional details on the information, risks and assumptions.
NOTE TO INVESTORS: The latest news and updates relating to SUUN are available in the company’s newsroom at https://ibn.fm/SUUN
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