PowerBank secures tax credit eligibility for 23 solar projects

PowerBank Corporation (NASDAQ: PBK) said it has completed equipment procurement agreements totaling $242.3 million in construction value across 23 distributed solar and energy storage projects in New York and Pennsylvania, according to a company statement.

The projects, developed through its wholly owned subsidiary Abundant Solar Power Inc., represent approximately 97 MW DC of solar capacity and 42 MWh of energy storage. The company estimates the combined Investment Tax Credit value associated with the projects at approximately $94.7 million.

The procurement was completed in two phases. In December 2025, PowerBank secured agreements for 15 projects in New York, representing 67 MW DC of solar and 11 MWh of storage, with a construction value of $168 million and estimated tax credit eligibility of $65 million. A subsequent procurement covered eight additional projects in New York and Pennsylvania, representing 30 MW DC of solar and 31 MWh of storage, valued at $74.3 million with an estimated $29.7 million in tax credits.

The procurement program was designed to satisfy the IRS Physical Work Test, preserving the projects' eligibility for federal Investment Tax Credits under the One Big Beautiful Bill Act, signed into law on July 4, 2025. That legislation specifies that solar projects must begin construction on or before July 4, 2026 to remain eligible for Section 48E Investment Tax Credits.

PowerBank also noted a June 6, 2026 federal court ruling that restored the "5% Safe Harbor" provision, which allows developers to secure tax credit eligibility by demonstrating that at least 5% of a project's total costs have been incurred. The company said it chose to proceed with the Physical Work Test given the proximity of the July 4, 2026 deadline and the possibility of appeal.

"In an environment of significant regulatory uncertainty, we made the deliberate decision to act early and conduct the physical work necessary to protect our projects' tax credit eligibility," said Andrew van Doorn, President and COO of PowerBank Corporation.

Commercial operation of the projects is subject to receipt of permits and financing and is expected to occur over several years. The projects range from 500 kW DC to 7 MW DC in solar capacity and will operate as community solar or net-metered installations.

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