PowerBank secures 20 MW in PPA with New York State

PowerBank (SUUN) has executed lease and power purchase agreements with the New York State Division of Military and Naval Affairs, or DMNA, for the development of a portfolio of ground mount, rooftop and parking canopy solar power projects and battery energy storage systems with a cumulative total of 20 MW DC. PowerBank intends to develop, finance and construct the projects, a combination of behind-the-meter systems and community solar projects on land owned by the DMNA. Once operational, the clean energy generated by the Projects will be sold to the DMNA under long term power purchase agreements that have an initial term of 20 years or will be sold to local residents through community solar subscriptions. Individual systems will be located at a variety of New York Army National Guard facilities or properties across New York State administered by the DMNA. Construction is expected to start by the end of the 2025 calendar year. The DMNA is New York State’s executive agency responsible to the governor for managing New York’s military forces, which consist of nearly 20,000 personnel.