PowerBank Corporation (NASDAQ: SUUN), a leader in North American energy infrastructure development and asset ownership, today announced it has received the first $4 million USD payment from Solar Advocate Development LLC for the development of these projects.
The latest collaboration encompasses three Community Solar facilities--Elmira, Jordan Road 1, and Jordan Road 2 (collectively, the "Projects")--in a transaction valued at approximately $41 million USD that includes full engineering, procurement, and construction services through commercial operation.
PowerBank expects to receive the full transaction value over the development and construction period as project milestones are achieved. This milestone underscores the strength of a strategic partnership that has consistently delivered permitted, interconnected solar assets since 2018. The Projects represent a combined 16.87 MW of clean energy generation capacity.
CEO Richard Lu commented: "Reaching our 11th project with Solar Advocate Development isn't just a transaction milestone--it's a testament to PowerBank's ability to consistently deliver permitted, interconnected assets that meet the highest quality standards.
“This seven-year partnership validates our development expertise and reputation in the New York market. The One Big Beautiful Bill Act has created urgent conditions to monetize select development projects while maintaining our IPP growth focus. These proceeds enable PowerBank to deliver the Projects in a timely manner for Solar Advocate Development."
SUUN shares closed Tuesday at $1.92.
