PowerBank Secures $8M Revolving Credit Facility to Expand NY Solar+Storage Projects

PowerBank Corporation and its subsidiaries have entered into a loan agreement with NY Green Bank (NYGB) for a revolving credit facility of up to $8 million.  

The loan enables PowerBank to expand the growth of its Independent Power Producer (IPP) portfolio by providing low-cost capital.  

The financing will support interconnection deposits for an initial 50-megawatt (MW) portfolio of distributed solar and battery energy storage projects in New York State. PowerBank plans to add projects to the portfolio beyond the initial 50 MW at a later date. 

NYGB is a division of the New York State Energy Research and Development Authority (NYSERDA), a state-sponsored specialized fund that invests in the state’s clean energy markets. To date, NYGB has committed over $2.6 billion to projects advancing building decarbonization, clean transportation, energy storage, solar, and other sustainable infrastructure. 

According to estimates, NYGB’s efforts will avoid up to 49.6 million metric tons of CO₂e and generate 69.5 million MMBTU in lifetime energy savings. 

The loan will be used to fund interconnection deposits required by New York utilities as part of the interconnection process, which are refundable if a project does not reach commercial operation. The facility has an initial principal amount of up to $8 million, with NY Green Bank retaining the discretion to increase it to $12 million, and is secured by the project assets with no shares issued and a payment guarantee provided by the company. 

“The financing from NY Green Bank for this initial portfolio represents an excellent opportunity for PowerBank and our partners,” said PowerBank CEO & President Dr. Richard Lu, in a statement. “This transaction reflects PowerBank’s established track record in New York State, and our strong working relationship with NYSERDA. As these projects advance, we’re excited to contribute to the region’s clean energy objectives.” 

Read more here.