PowerBank Secures Agreements with New York State DMNA to Develop 20 MW Solar and Battery Storage Portfolio

Powerbank Corporation announced that it has entered into lease and power purchase agreements with the New York State Division of Military and Naval Affairs (DMNA) to develop a portfolio of solar and battery energy storage projects totaling 20 MW DC. The portfolio will include ground-mounted, rooftop, and parking canopy solar systems, combining behind-the-meter installations with community solar projects on DMNA-owned properties.

PowerBank will develop, finance, and construct the projects, supplying clean energy to the DMNA under long-term power purchase agreements with initial terms of 20 years, or to local residents through community solar subscriptions.

The Company’s U.S. subsidiary, Abundant Solar Power, was selected through a competitive process managed by the New York Power Authority (NYPA) to partner with the DMNA on the initiative. The portfolio comprises approximately 19 MW of solar photovoltaic systems and 1 MW/2 MWh of battery storage, distributed across New York Army National Guard facilities and other DMNA-managed sites statewide.

Dr. Richard Lu, President & CEO of PowerBank commented: “This is another exciting development project for PowerBank. With over a decade of experience as a trusted developer of power projects, PowerBank was able to secure the support of the DMNA to develop these projects that will provide sustainable green energy and resiliency services for years to come.”

Justin E. Driscoll, President and CEO of the Power Authority, said: “The Power Authority is pleased to collaborate with PowerBank on this extensive set of projects that will make the Department of Military and Naval Affairs one of New York State’s leaders in on-site solar generation. Public-private partnerships that provide power and help local residents through utility bill credits are a significant factor in delivering New York State’s reliable, affordable and clean energy future.”