FAQ: PowerBank Corporation's Pennsylvania Solar Project Site Control and Community Solar Initiative

What is the main announcement from PowerBank Corporation?

PowerBank Corporation announced that its 3.16 MW Honesdale ground-mount solar project in Pennsylvania has secured site control and is advancing to the interconnection study phase. This project is positioned to operate as a community solar initiative, subject to final approval of Pennsylvania House Bill 1842.

Where is this solar project located?

The solar project is located in Honesdale, Pennsylvania. It is a ground-mount solar project with a capacity of 3.16 megawatts.

What is the significance of securing site control for this project?

Securing site control means PowerBank has obtained the necessary rights to develop the land for the solar project, allowing it to advance to the interconnection study phase. This is a critical milestone in the project development process that moves it closer to construction and operation.

What is a community solar initiative and how does it work?

A community solar initiative allows multiple residents and businesses to benefit from a shared solar energy system, expanding access to clean energy across different income levels. Participants can subscribe to receive credits on their electricity bills for the power generated, without needing to install solar panels on their own property.

What is the status of Pennsylvania House Bill 1842 and why is it important?

The project’s operation as a community solar initiative is subject to final approval of Pennsylvania House Bill 1842. This legislation would establish the regulatory framework for community solar programs in Pennsylvania, enabling projects like PowerBank’s to serve multiple subscribers rather than a single off-taker.

What is PowerBank Corporation’s business focus and experience?

PowerBank Corporation is an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects in Canada and the USA. The company has developed renewable and clean energy projects with a combined capacity of over 100 megawatts built and has a potential development pipeline of over one gigawatt.

What types of projects does PowerBank develop beyond community solar?

PowerBank develops solar and Battery Energy Storage System (BESS) projects that sell electricity to utilities, commercial, industrial, municipal and residential off-takers. The company maximizes returns via a diverse portfolio including projects with utilities, host off-takers, community solar, and virtual net metering projects.

Where can I find more information about PowerBank Corporation and this project?

You can view the full press release at https://ibn.fm/eJY8W and learn more about PowerBank at www.powerbankcorp.com. Additional investor information is available at https://ibn.fm/SUUN.

What are the stock tickers for PowerBank Corporation?

PowerBank Corporation trades under NASDAQ: SUUN, Cboe CA: SUNN, and FSE: 103. These are the stock symbols for the company on different exchanges.