en.Wedoany.com Reported - PowerBank Corporation, a vertically integrated North American energy company, has signed equipment procurement agreements through its wholly-owned subsidiary Abundant Solar Power Inc. for eight distributed solar and energy storage projects in New York State and Pennsylvania. These projects, if financed, constructed, and placed into service, are expected to bring approximately 30 MW DC of solar capacity and 31 MWh of energy storage capacity.

This procurement aims to qualify these projects for continued eligibility for U.S. federal energy project investment tax credits under the One Big Beautiful Bill Act of 2025. Physical work on the procured equipment is expected to be completed before the July 4, 2026 deadline set by the Act, providing a safe harbor for the projects by passing the IRS Physical Work Test.

Previously, PowerBank had secured safe harbor for an additional 15 solar and energy storage projects in New York State. To date, the company has ensured that 23 solar and energy storage projects (totaling 97 MW DC and 42 MWh) are expected to qualify for U.S. federal investment tax credits. The value of the investment tax credits associated with the projects secured through this procurement is estimated at $29.7 million, and the total construction value of this portfolio is estimated at $74.3 million.

PowerBank may choose to retain ownership of some or all of the projects in its portfolio as an independent power producer and plans to provide a full EPC scope for these projects, regardless of whether it retains ownership.

The company has leveraged its strong relationships with tier-one suppliers to secure orders for the primary transformers required for the projects. Subject to permitting and financing, commercial operation of these eight projects is expected to be achieved over the next few years.

Solar projects have been eligible for investment tax credits since 2006, providing a 30% tax credit for commercial solar installations that meet specific requirements, with opportunities for ITC bonus adders. The One Big Beautiful Bill Act, signed into law on July 4, 2025, stipulates that the Section 48E investment tax credit for solar facilities will be phased out, with projects that begin construction on or before July 4, 2026, continuing to qualify for the tax credit.

PowerBank has over 100 MW of completed projects and a development pipeline exceeding 1 GW. These projects will support New York State's goal of achieving 10 GW of distributed solar and 6 GW of energy storage by 2030. New York State leads the nation in community solar capacity and achieved the 6 GW solar target under the New York State Climate Act in the fall of 2024.

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