Project UpdateJun 18, 2026, 07:16 AM
PowerBank Secures $94.7M Tax Credits for 23 Solar & Storage Projects
AI Summary
PowerBank Corporation confirmed the completion of equipment procurement agreements totaling $242.3 million USD in construction value for 23 distributed solar and energy storage projects in New York and Pennsylvania. This procurement secures eligibility for an estimated $94.7 million USD in federal Investment Tax Credits under the One Big Beautiful Bill Act of 2025. The projects, once operational, are expected to provide 97 MW DC of solar and 42 MWh of energy storage, powering the equivalent of approximately 11,000 homes. The company proactively satisfied the IRS Physical Work Test to protect tax credit eligibility despite regulatory uncertainty.
Key Highlights
- Secured $94.7 million USD in federal Investment Tax Credits for 23 projects.
- Completed equipment procurement for projects totaling $242.3 million USD construction value.
- Projects include 97 MW DC of solar and 42 MWh of energy storage in NY and PA.
- First 15 projects (67 MW DC solar, 11 MWh storage) secured $65M ITC.
- Remaining 8 projects (30 MW DC solar, 31 MWh storage) secured $29.7M ITC.
- Projects expected to power the equivalent of 11,000 homes.
- Proactive action taken to satisfy IRS Physical Work Test by July 4, 2026 deadline.
Price Impact
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