PowerBank Corporation, a North American clean energy company focused on developing, owning, and operating solar power, energy storage, and hybrid renewable energy assets, announced that it and its subsidiaries have entered into an $8 million loan agreement with NY Green Bank.
The loan agreement consists of a revolving credit facility with an initial principal amount of up to $8 million. The funding will be used to fund the interconnection deposits for an initial portfolio of 50 MW of distributed solar power and battery energy storage projects located in New York. The Company will add projects to the portfolio beyond the initial 50 MW as they are ready.
PowerBank CEO & President Dr. Richard Lu commented, “The financing from NY Green Bank for this initial portfolio represents an excellent opportunity for PowerBank and our partners. This transaction reflects PowerBank’s established track record in New York state and our strong working relationship with NYSERDA. As these projects advance, we’re excited to contribute to the region’s clean energy objectives.”
The loan will be advanced against payment of interconnection deposit payments made to local utilities in New York in connection with the Projects. It carries an initial principal amount of up to $8 million, which NY Green Bank may, at its discretion, increase to as much as $12 million. No shares will be issued in connection with the loan, and the financing is secured against the assets associated with the projects, with the Company providing a guarantee of payment.
According to Mercom’s 9M and Q3 2025 Solar Funding and M&A report, large-scale project funding increased by 43% in the first nine months of 2025 compared with the same period in 2024.
In December, BayWa r.e., a renewable energy project developer, secured financing for the Jacumba Valley Ranch (JVR) Energy Park, which includes 90 MWac/127 MWdc solar and 70 MWac/280 MWh battery energy storage capacity located in Southeastern San Diego County, California.
