PowerBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) announced the completion of the Coordinated Electric System Interconnection Review for its 5.7 MW North Main St solar project in upstate New York. This technical milestone confirms the project can safely connect to the local electric grid without adverse impacts, clearing a critical prerequisite for further development and permitting phases.
The community solar project is expected to qualify under New York's Value of Distributed Energy Resources (VDER) compensation mechanism, with a projected first-year average rate of $0.0971 per kilowatt-hour. Once operational, the facility will generate sufficient clean energy to power the equivalent of 670 homes, contributing to New York's renewable energy goals under the Climate Leadership and Community Protection Act, which targets 6 GW of solar capacity by 2025.
PowerBank, a premier developer and owner of renewable energy projects specializing in distributed and community solar initiatives across Canada and the United States, has built more than 100 MW of projects with a development pipeline exceeding 1 GW. New York remains a central market for the company's expansion efforts, aligning with state policies promoting clean energy adoption and grid modernization.
The successful interconnection study completion demonstrates PowerBank's continued progress in developing viable renewable energy infrastructure. Investors and stakeholders can access the latest news and updates relating to SUUN through the company's newsroom at https://ibn.fm/SUUN. This advancement supports broader industry trends toward decentralized energy generation and community-based solar solutions, potentially influencing regional energy markets and sustainability initiatives.
