New York Construction Report Staff
PowerBank Corporation says it has initiated “spring mobilization” on a major renewable energy portfolio across New York State, marking the start of site preparation for nine solar and battery storage projects.
The portfolio features a combined capacity of 42.24 MW of solar generation and 21.76 MWh of battery energy storage systems (BESS). The diverse project list includes a mix of rooftop, carport, and ground-mounted installations.
Project specifics and locations
The mobilization follows a period of heavy development for the Toronto, Canada-based energy firm. According to company disclosures, the portfolio includes several high-priority sites that have already received significant state backing:
- Jordan Road 1 & 2: These projects recently received approximately $1.96 million in funding from the New York State Energy Research and Development Authority (NYSERDA) and have secured New York State Department of Environmental Conservation (NYSDEC) Brownfield approvals.
- Elmira Solar: This project was recently approved for $309,720 in NYSERDA incentives.
- Additional Sites: Construction activity is also beginning at sites in Newark and Camp Smith, among others.
Once fully operational, the nine projects are expected to generate enough clean electricity to power approximately 5,280 homes annually.
Expanding community solar access
A significant portion of the portfolio will operate under New York’s community solar model. This framework allows local renters, homeowners, and businesses to subscribe to a portion of the project’s output. Subscribing members receive credits on their monthly utility bills, effectively lowering their electricity costs compared to standard utility rates without requiring the installation of personal solar panels.
The expansion comes as New York continues to lead the nation in community solar, accounting for nearly one-third of the United States’ 6.2 GW of total installed community solar capacity.
Strategic goals and financial outlook
The project aligns with the New York Climate Leadership and Community Protection Act, which initially set a target of 6 GW of distributed solar by 2025—a goal the state reached early in late 2024. PowerBank’s current work supports the expanded state mandate to reach 10 GW of solar capacity by 2030.
“PowerBank is honored to contribute to this transformative milestone,” the company stated in its March 17 release. Financially, the company has been active in shoring up capital for these developments. In February 2026, PowerBank successfully raised $13.68 million USD through an at-the-market (ATM) equity offering to support its 1 GW development pipeline. While the company reported a net loss of $6.7 million for its fiscal second quarter ending December 2025, this represented a significant narrowing from the $28.2 million loss reported in the same period the previous year.
PowerBank retains the strategic flexibility to either own the completed New York assets as an independent power producer (IPP), sell the projects to third parties, or act as the engineering, procurement, and construction (EPC) contractor.
