PowerBank Corporation has received an initial $4 million USD payment as part of a previously announced $41 million USD transaction with Solar Advocate Development LLC, advancing a multi-project community solar development partnership in New York State.
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The payment follows PowerBank’s December 22, 2025 disclosure and relates to three community solar facilities—Elmira, Jordan Road 1, and Jordan Road 2—which together represent 16.87 megawatts of installed clean energy capacity. The transaction includes full engineering, procurement and construction services through commercial operation, with remaining payments expected as development and construction milestones are achieved.
The agreement marks PowerBank’s 11th project collaboration with Solar Advocate Development, reinforcing a strategic relationship that has delivered permitted and interconnected solar assets since 2018. PowerBank expects to receive the full transaction value over the development and construction period as project risks are progressively reduced.
Dr. Richard Lu, CEO of PowerBank, said:
“Reaching our 11th project with Solar Advocate Development isn’t just a transaction milestone—it’s a testament to PowerBank’s ability to consistently deliver permitted, interconnected assets that meet the highest quality standards. This seven-year partnership validates our development expertise and reputation in the New York market. The One Big Beautiful Bill Act has created urgent conditions to monetize select development projects while maintaining our IPP growth focus. These proceeds enable PowerBank to deliver the Projects in a timely manner for Solar Advocate Development.”
PowerBank confirmed that the $4 million received reflects the successful completion of critical early-stage development milestones. The remaining balance of the $41 million transaction is expected to be recognized as construction progresses under standard EPC payment structures.
Completed development activities include:
These activities convert raw land into construction-ready assets and represent a core strength of PowerBank’s vertically integrated development platform.
PowerBank has been active in New York’s community solar market since 2017, navigating one of North America’s most complex regulatory and incentive frameworks. The Company’s repeat engagement with Solar Advocate Development highlights its ability to deliver de-risked projects that meet regulatory, utility and investor requirements.
The Company reported a return to profitability in the first quarter of 2025, with 106% year-over-year gross profit growth. Management attributes this performance to disciplined development execution, selective asset monetization and sustained demand for community solar installations.
Community solar projects such as Elmira and the Jordan Road facilities allow residential and commercial customers without rooftop access to participate in renewable energy generation through subscription models, expanding clean energy access while benefiting from scale efficiencies.
PowerBank said the decision to monetize development-stage assets reflects a strategic response to market acceleration driven by the One Big Beautiful Bill Act, which has compressed construction timelines across the solar sector. By selling select projects while retaining EPC responsibilities, the Company is able to unlock near-term capital while maintaining construction revenue and long-term growth flexibility.
PowerBank continues to pursue a dual-track strategy that combines long-term independent power producer asset ownership with selective project sales, enabling capital recycling while expanding its development pipeline across North America.
Originally reported by Power Bank Corporation.
