PowerBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: 103) has secured site control for its 2.8 MW Day Hollow ground-mount solar project in upstate New York, marking a significant step toward construction. This development enables the project to progress to the interconnection study phase, bringing it closer to generating clean electricity for the local grid.
The project is expected to qualify under New York's Value of Distributed Energy Resources (VDER) program at an estimated first-year average rate of US$0.0971/kWh. This incentive program supports distributed energy resources by compensating projects based on the value they provide to the grid, including avoided generation costs, environmental benefits, and reduced demand on transmission infrastructure.
Designed as a community solar initiative, Day Hollow will allow renters, businesses, and homeowners to subscribe and receive bill credits without requiring on-site equipment installation. This model expands access to solar energy benefits beyond traditional property owners, addressing energy equity concerns while supporting New York's Climate Leadership and Community Protection Act target of 6 GW of solar capacity by 2025. The project represents progress toward the state's broader renewable energy and climate goals, which include 70% renewable electricity by 2030 and a carbon-free power sector by 2040.
PowerBank Corporation focuses on developing distributed and community solar projects across North America, with a potential development pipeline of over one gigawatt. The company has previously developed renewable energy projects with a combined capacity of over 100 megawatts. Additional information about the company's projects and development strategy can be found at https://www.powerbankcorp.com.
The advancement of the Day Hollow project demonstrates the growing momentum behind community solar initiatives, which enable broader participation in renewable energy adoption. Such projects contribute to grid resilience, reduce transmission losses, and support local job creation in the renewable energy sector while helping states meet their climate commitments.
