PowerBank Corporation has reacquired two community solar projects in New York State — Highway 28 and Gainesville — originally developed by the company before being sold as part of a larger portfolio transaction in January 2025.
The two projects carry a combined construction value of $32.5 million and are expected to generate approximately $13 million in federal Investment Tax Credits.
The 6.9-megawatt (MW) Highway 28 project is the more advanced of the two, having already secured interconnection, all major discretionary permits, and state incentive approvals under NYSERDA’s NY-Sun program.
Site preparation is already underway ahead of full construction mobilization.
The 7 MW Gainesville project is still working through the permitting process and is targeted to be construction-ready in 2027.
“We are excited to be growing our independent power producer portfolio by reacquiring two distributed solar projects in New York State,” said Dr. Richard Lu, PowerBank’s CEO, in a statement. “These are projects we originated, developed and secured interconnection for, so we understand them thoroughly, and we know what it takes to bring them to commercial operation.”
Both projects cleared the July 4, 2026 physical work deadline and are expected to qualify for federal Investment Tax Credits under the One Big Beautiful Bill Act.
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