Ms. Tracy Zheng reports

POWERBANK RECEIVES $1.47 MILLION USD FROM NYSERDA FOR GEDDES SOLAR PROJECT

Powerbank Corp.'s operational 3.79-megawatt Geddes solar power project in New York State has received its commercial operation payment of $1.47-million (U.S.) through the New York State Energy Research and Development Authority NY-Sun program. The project qualified for the megawatt block, community adder and landfill/brownfield adder under the program. The project is also expected to receive an additional $245,000 (U.S.) through the inclusive community solar adder, also through NY-Sun.

The NY-Sun program is a public-private partnership that aims to drive growth in the solar industry and make solar technology more affordable for all New Yorkers. Led by NYSERDA, the program provides incentives and financing to expand solar adoption for homes, businesses and communities while supporting local job creation and advancing the state's clean energy goals. The community adder is designed to accelerate the growth of community solar projects by providing additional financial incentives for developers. It is only awarded to community distributed generation projects that are ineligible for the market transition credit or community credit. The landfill/brownfield adder is available for ground-mounted solar electric systems on brownfields or landfills for non-residential and commercial/industrial projects. The inclusive community solar adder is for community solar projects that serve subscribers which earn low to moderate incomes or live in affordable housing and other facilities serving disadvantaged communities. The ICSA aims to make community solar and the associated electricity bill savings accessible to these communities and to reduce operating costs for affordable housing and non-profit organizations that serve disadvantaged communities.

The Geddes project is built on a closed landfill and delivers enough energy to power approximately 450 homes annually. The project is operating as a community solar project. Community solar is a solar photovoltaic system interconnected directly to the local electricity grid through distribution lines. Once the system is placed into service by the utility and generating electricity, clean energy from the site feeds into the local power grid. Depending on the size and number of panels the project has, dozens or even hundreds of renters, homeowners and electricity customers can save money from the electricity that is generated by the project. By subscribing to a project, homeowner earn credits on their electric bill every month from their portion of the solar that is generated by the project, accessing the benefits of solar without installing panels on their home. This allows homeowners to realize a reduced cost per kilowatt-hour from the power they consume versus standard utility rates.

Powerbank's proven expertise, with over 100 MW of completed projects and a development pipeline exceeding one gigawatt, underpins the project's execution. Strategic partnerships and institutional-grade development capabilities position Powerbank to deliver reliable, high-impact renewable energy solutions.

The Geddes project advances New York's path to 10 GW of solar by 2030. The state leads the United States in community solar capacity, having achieved the New York State Climate Act six-gigawatt solar goal in fall 2024.

About Powerbank Corp.

Powerbank is an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects in Canada and the United States. The company develops solar and battery energy storage system projects that sell electricity to utilities, commercial, industrial, municipal and residential offtakers. The company maximizes returns through a diverse portfolio of projects across multiple leading North America markets, including projects with utilities, host offtakers, community solar and virtual net metering projects. The company has a potential development pipeline of over one gigawatt, and has developed renewable and clean energy projects with a combined capacity of over 100 megawatts built.

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