PowerBank, an independent renewable energy power producer specializing in distributed solar and battery energy storage system projects, has announced the sale of its Elmira, Jordan Road 1, and Jordan Road 2 solar projects with a combined capacity of 16.87 MW. Solar Advocate Development acquired the projects for the total consideration of $41 million.
The projects have already completed the interconnection agreements with utility partners and also secured all necessary permits from local authorities. Engineering, procurement, and construction agreements were executed on December 19, 2025, under which PowerBank will deliver the projects on a turnkey basis through to commercial operation.
The projects are being developed as ground-mounted solar facilities for the community solar market, a fast-growing segment that expands access to clean energy for residential and small business customers. Through the community solar model, the projects will supply renewable electricity benefits to multiple subscribers within their respective local utility service areas.
Dr. Richard Lu, CEO of PowerBank, commented: “This transaction represents a pivotal moment in PowerBank’s evolution. Since 2018, we have built a trusted partnership with Solar Advocate Development, and these three projects mark our eleventh successful collaboration. What makes this particularly strategic is our ability to capitalize on accelerated construction timelines created by the One Big Beautiful Bill Act. While our core focus remains building our Independent Power Producer portfolio for long-term value creation, we’re selectively monetizing development assets where market conditions are optimal. This transaction exemplifies that strategy—converting development expertise into immediate capital that directly funds our IPP growth trajectory.”
In the first nine months of 2025, approximately 29 GW of solar projects were acquired compared to 28.3 GW in 9M 2024, according to Mercom’s 9M and Q3 2025 Solar Funding and M&A report.
In December, BayWa r.e., a renewable energy project developer, along with its Dutch subsidiary GroenLeven, announced the completion of the sale of a 46 MW floating solar project in Friesland, the Netherlands.
