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PowerBank Corporation executed a lease for a 5 MW AC hybrid solar and battery energy storage project in New York. The NY-Holland Glnwd project is eligible for New York State incentives and federal Investment Tax Credits.

Preliminary screening for interconnection is underway, and upon approval, PowerBank will proceed with permitting and securing construction financing. The project will operate as a hybrid community solar facility, allowing participants to earn electric bill credits.

PowerBank has completed over 100 MW of projects and has a pipeline exceeding 1 GW. Development risks include securing community solar contracts and financing. The project supports New York's goal of 6 GW of solar capacity by 2025.