PowerBank Corporation has secured equipment procurement agreements for 15 distributed solar and energy‑storage projects across New York State, positioning the company to capture the full $65 million Investment Tax Credit (ITC) available under the One Big Beautiful Bill Act (OBBBA). The agreements cover 67 MW of solar capacity and 11 MWh of battery storage, with a total construction value of $168 million.
The procurement agreements are designed to achieve safe‑harbor status by December 31 2025, the deadline required for projects to qualify for the ITC under the OBBBA. By meeting this date, PowerBank ensures that the projects will be eligible for the federal tax credit, which is expected to improve cash flow and reduce the effective cost of the development.
These projects align closely with New York’s renewable‑energy targets, which call for 10 GW of distributed solar and 6 GW of energy storage by 2030. New York already met its 6 GW solar goal in 2024, and the PowerBank projects will help the state reach its distributed‑solar milestone while contributing to the state’s broader climate objectives.
Strategically, the agreements deepen PowerBank’s presence in a high‑growth market and diversify its portfolio beyond its traditional solar development focus. “These agreements position us to capture the full ITC benefit while expanding our clean‑energy portfolio,” said Dr. Richard Lu, President and CEO. The move follows a recent acquisition that broadened the company’s asset base and underscores its commitment to scaling its IPP and EPC operations.
Financially, PowerBank’s FY 2025 revenue declined 28.9 percent, but its IPP revenue grew, reflecting a shift toward higher‑margin, long‑term asset ownership. The $65 million ITC will offset construction costs and enhance the projects’ return on investment, supporting the company’s cash‑flow profile as it continues to invest in new development.
Under the OBBBA, projects must begin construction by July 4 2026 to qualify for the ITC if placed in service after December 31 2027. The safe‑harbor provision allows projects that meet the December 31 2025 deadline to claim the credit even if construction starts later, providing a critical window for developers to secure financing and begin deployment. PowerBank’s timely agreements therefore secure a valuable tax incentive while positioning the company to meet its growth targets in a favorable policy environment.
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