PowerBank Corporation is reacquiring two community solar projects in New York, Highway 28 and Gainesville, totaling 13.9 MW, with an estimated construction value of $32.5 million and $13 million in expected federal tax credits.
PowerBank Corporation, listed on Nasdaq, Cboe Canada and the Frankfurt Stock Exchange under the ticker PBK, has announced the reacquisition of two community solar projects located in New York state. The transaction, carried out through its US subsidiary Abundant Solar Power Inc., covers the Gainesville and Highway 28 projects, with a combined capacity of 13.9 megawatts (MW). According to the company, the sites are expected to be construction-ready in 2026 and 2027, with a total estimated construction value of $32.5 million and $13 million in expected US federal tax credits.
The Highway 28 project, with a capacity of 6.9 MW, is expected to be construction-ready in the third quarter of 2026. According to PowerBank, it has already secured its interconnection agreement and all major discretionary permits, and has been approved for an incentive of $893,445 under the NY-Sun program of the New York State Energy Research and Development Authority (NYSERDA). The site is also expected to be eligible for approximately $1,518,660 in additional incentives through the Inclusive Community Solar Adder program, as well as for grants from the Catskills Watershed Corporation. This distributed solar momentum comes as the sector attracts growing capital in the United States, illustrated by the $857 million raised by Dimension Energy for its distributed solar business or the 48 MWac power purchase agreement signed between ENGIE and QTS in Texas.
Abundant Solar Power Inc. is acting as the engineering, procurement and construction (EPC) contractor on the Highway 28 project and has begun onsite preparatory work ahead of full construction mobilization. The site is expected to remain eligible for the federal Investment Tax Credit (ITC) under the One Big Beautiful Bill Act of 2025, as physical work began before the July 4, 2026 deadline and is expected to meet the physical work test of the US Internal Revenue Service (IRS). PowerBank estimates the project’s construction value at approximately $17 million, with an expected tax credit value of approximately $8 million. The project was acquired for a total purchase price of $1,249,488, payable in milestone payments, with the acquisition including all project assets.
The Gainesville project, with a capacity of 7 MW, is not expected to be construction-ready until 2027. Its interconnection agreement is secured, but the project remains in permitting. It is also expected to qualify for grants under NYSERDA’s NY-Sun program. The project company, owned by Abundant Solar Power Inc., is separately party to a lawsuit as petitioner, referenced as Article 78 Index No. 9002873, involving an appeal against the denial of its variance application.
Like Highway 28, the Gainesville project is expected to remain eligible for federal tax credits under the One Big Beautiful Bill Act, as physical work also began before July 4, 2026. PowerBank estimates the site’s construction value at approximately $15.5 million, with an expected tax credit value of approximately $5 million. The project was acquired for a total purchase price of $1,146,580, also payable in milestone payments.
Investment tax credits have been available for solar projects since 2006, covering 30% of the cost of commercial installations meeting certain requirements, with possible bonus adders. The One Big Beautiful Bill Act, signed into law on July 4, 2025, provides for the phased-out elimination of the Section 48E tax credit for solar facilities. Projects that began construction on or before July 4, 2026 remain eligible for the credit.
Both sites had previously been sold to an investor as part of a larger transaction announced on January 6, 2025, before being reacquired by PowerBank, as announced on April 13, 2026. Once completed, the projects will operate as community solar, a model that allows tenants or homeowners without rooftop panels to receive credits on their electricity bills proportional to the power generated by the site they subscribe to.
“We are excited to be growing our independent power producer portfolio by reacquiring two distributed solar projects in New York State. These are projects we originated, developed and secured interconnection for, so we understand them thoroughly, and we know what it takes to bring them to commercial operation,” said Dr. Richard Lu, CEO of PowerBank Corporation.
The Nasdaq-listed solar manufacturer posted first-half results marked by sharp revenue and net income growth, while continuing to expand its Texas manufacturing campus and raising
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