Powerbank Corporation Updates Progress On Two Energy Infrastructure Projects In Skaneateles, New York. The Projects Have Received All Necessary Municipal Approvals And Will Seek Approval From New York Department Of Environmental Conservation To Begin Construction

Author: Benzinga Newsdesk | September 09, 2025 08:15am

PowerBank Corporation (NASDAQ:SUUN) (Cboe CA: SUNN) (FSE: 103) ("PowerBank" or the "Company"), a leader in North American energy infrastructure development and asset ownership, is pleased to announce an update on the development of two projects (the "Projects"), located on industrial brownfield sites located in Skaneateles, New York which is in the Finger Lakes Region of New York, in Onondaga County. The Projects have secured all required municipal approvals, including variances, site plan approval and special use permit.  The Projects will now pursue NY Department of Environmental Conservation approval to enter construction.

Following receipt of the necessary permits and financing, the Company intends to commence the construction of the Projects. Once completed, each of the Projects will be operated as a community solar project. Community solar is a group of solar panels with access to the local electricity grid. Once the panels are turned on and generating electricity, clean energy from the site feeds into the local power grid. Depending on the size and number of panels the project has, dozens or even hundreds of renters and homeowners can save money from the electricity that is generated by the project. By subscribing to a project, a homeowner earns credits on their electric bill every month from their portion of the solar that's generated by the project, accessing the benefits of solar without installing panels on their home. This allows homeowners to realize a reduced cost per kW/hour from the power they consume versus standard utility rates.

PowerBank's proven expertise, with over 100 MW of completed projects and a development pipeline exceeding 1 GW, underpins the project's execution. Strategic partnerships and institutional-grade development capabilities position PowerBank to deliver reliable, high-impact renewable energy solutions.

The Skaneateles projects advance New York's ambitious Climate Leadership and Community Protection Act goal of 6 GW of solar capacity by 2025. As a national leader in community solar, New York accounts for nearly one-third of the United States' 6.2 GW of installed solar capacity, and PowerBank is honored to contribute to this transformative milestone.

There are several risks associated with the development of the Projects. The development of any project is subject to receipt of a community solar contract, receipt of required permits, the availability of third-party financing arrangements for the Company and the risks associated with the construction of a solar power project. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for solar power, which could result in future projects no longer being economic. Please refer to "Forward-Looking Statements" for additional discussion of the assumptions and risk factors associated with the Projects and statements made in this press release.

 

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