Business UpdateJun 9, 2026, 07:16 AM
PowerBank Safe Harbors 30 MW Solar & Storage Projects for $29.7M Tax Credits
AI Summary
PowerBank Corporation announced it has safe harbored 8 distributed solar and energy storage projects in New York and Pennsylvania, totaling 30 MW DC of solar and 31 MWh of energy storage. This action secures eligibility for an estimated $29.7 million USD in United States federal Investment Tax Credits, with a total construction value of $74.3 million USD. This follows a previous safe harbor of 15 projects, bringing the company's total to 23 projects with a combined 97 MW DC and 42 MWh, ensuring they remain eligible for the 30% Investment Tax Credit under the One Big Beautiful Bill Act of 2025.
Key Highlights
- PowerBank safe harbored 8 distributed solar and energy storage projects.
- Projects total 30 MW DC solar and 31 MWh energy storage across New York and Pennsylvania.
- Estimated value of potential Investment Tax Credits is $29.7 million USD.
- Total construction value of the portfolio is estimated at $74.3 million USD.
- This brings PowerBank's total safe harbored projects to 23, with 97 MW DC and 42 MWh.
- Projects are expected to power the equivalent of 3,500 homes.
- Eligibility for 30% Investment Tax Credit and potential bonus adders is maintained.
- Physical work on procured equipment is expected to meet the July 4, 2026 deadline.
Price Impact
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