Project expected to power the equivalent of approximately 640 homes
PowerBank Corporation (Nasdaq: PBK) (Cboe CA: PBK) (FSE: 103) (“PowerBank” or the “Company”), a leader in independent energy development and asset ownership in North America, is pleased to announce it has executed a new lease agreement for a 4 MW ground-mount solar project known as the ON-765 West Solar Project (the “Project”) in North Bruce Peninsula, Ontario. The Project is expected to generate enough clean electricity to power the equivalent of approximately 640 homes in the province once operational.
The Project is expected to be eligible for the Clean Technology Investment Tax Credit, offered by the Canadian federal government, which provides eligible corporations with a refundable tax credit of up to 30% of the capital cost of qualifying clean energy investments, including solar and energy storage equipment.
As artificial intelligence, electrification, and broader digital infrastructure growth place unprecedented new demands on Ontario’s electricity grid¹, distributed energy projects like ON-765 West are becoming an increasingly important part of the province’s energy mix. Unlike large, centralized generation facilities, distribution-level solar projects add capacity in smaller increments across many points on the grid, closer to where power is actually consumed, reducing strain on transmission infrastructure and losses along the way².This model can also improve grid resiliency and often be brought online faster than utility-scale projects, which frequently face years-long interconnection and permitting timelines³. As demand grows, a broad base of distributed generation helps ensure power availability keeps pace without relying solely on a small number of large projects.
PowerBank’s proven expertise, with over 100 MW of completed projects and a development pipeline exceeding 1 GW, underpins the project’s execution. Strategic partnerships and institutional-grade development capabilities position PowerBank to deliver reliable, high-impact energy solutions.
The next step with respect to the Project is to complete preliminary assessments and advance the permitting process. There are several risks associated with the development of the Project. The development of any project is subject to required permits, the continued availability of third-party financing arrangements for the Company, the risks associated with the construction of a solar energy project and the degradation of solar energy production capacity over time based on the number of discharge cycles. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for solar power projects, which could result in future projects no longer being economic.
About PowerBank Corporation
PowerBank Corporation is a vertically integrated and independent North American energy company helping to power the digital economy. The Company develops, builds, owns, and operates solar and battery energy storage systems that deliver reliable and resilient power to the electricity grid, commercial and industrial clients, and municipal and residential off-takers. As AI and digital infrastructure drive unprecedented electricity demand, PowerBank is uniquely positioned to deliver the speed, scale, and energy independence that the next generation of power consumers requires, without waiting years for permitting and grid interconnection. The Company has a potential development pipeline of over one gigawatt and has developed energy projects with a combined capacity of over 100 megawatts built. To learn more about PowerBank, please visit www.powerbankcorp.com.
Source : PowerBank Corporation
