Canadian PowerBank Acquires 13.9 MW Solar Projects in New York, USA

en.Wedoany.com Reported - On August 18, PowerBank Corporation signed a repurchase agreement to reacquire two community solar projects in Gainesville and Highway 28, New York, through its U.S. subsidiary Abundant Solar Power Inc., with a combined capacity of 13.9 MW and an estimated total construction value of approximately $32.5 million, expected to generate approximately $13 million in federal investment tax credits.

The two projects were previously sold to Qcells in 2025 as part of a larger transaction, but Qcells exercised its contractual resale right in April 2026 and returned the projects due to failure to obtain local permits on schedule. The total repurchase price is approximately $2.4 million, to be paid in milestone payments.

Highway 28 ProjectWith a capacity of 6.9 MW, this project is expected to reach construction-ready status in the third quarter of 2026. The project has signed an interconnection agreement, obtained all major discretionary permits, and secured approximately $893,000 in incentives from the New York State Energy Research and Development Authority (NYSERDA) under the NY-Sun program, with an additional approximately $1.519 million in incentives expected through the Inclusive Community Solar Adder program. Abundant Solar Power Inc., serving as the EPC contractor for the project, has initiated site preparation work. The total construction value of the project is approximately $17 million, with an expected ITC value of approximately $8 million, and a repurchase price of $1.249 million.

Gainesville ProjectWith a capacity of 7 MW, this project is expected to reach construction-ready status in 2027. The project has signed an interconnection agreement and is currently in the permitting stage. The project company is participating as a petitioner in an Article 78 proceeding (Index No. 9002873), appealing the local board's decision denying its variance application. The total construction value of the project is approximately $15.5 million, with an expected ITC value of approximately $5 million, and a repurchase price of $1.147 million.

Both projects are expected to qualify for federal investment tax credits under the One Big Beautiful Bill Act of 2025, as physical on-site work has commenced prior to the July 4, 2026 deadline.