PowerBank Corporation (NASDAQ: PBK) executed equipment procurement agreements for eight distributed solar and energy storage projects across New York and Pennsylvania through its subsidiary Abundant Solar Power Inc., according to a company statement. The projects total approximately 30 MW DC of solar capacity and 31 MWh of energy storage.

The procurement enables the projects to maintain eligibility for federal Investment Tax Credits under the One Big Beautiful Bill Act of 2025. The company expects the equipment procurement to satisfy the IRS Physical Work Test prior to the July 4, 2026 deadline.

PowerBank estimates the construction value of the portfolio at $74.3 million and the potential tax credits at $29.7 million. The projects are expected to generate power equivalent to serving 3,500 homes once operational.

This announcement follows PowerBank's previous safe harbor of 15 additional solar projects in New York State. The company has now secured safe harbor status for 23 solar and energy storage projects with combined capacity of 97 MW DC and 42 MWh.

PowerBank secured major equipment orders of transformers through relationships with suppliers. Commercial operation of the eight projects is expected over several years, subject to permits and financing approval.

The Investment Tax Credit provides a 30% tax credit for commercial solar installations meeting specific requirements. The One Big Beautiful Bill Act, signed July 4, 2025, phases out the Section 48E Investment Tax Credit, with projects beginning construction by July 4, 2026, remaining eligible.

PowerBank operates as an independent renewable energy project developer focusing on distributed and community solar projects in Canada and the United States. The company reports completing over 100 MW of projects with a development pipeline exceeding 1 GW.