PowerBank Corporation (NASDAQ: PBK) announced that the project owner has executed a Standard Small Generator Interconnection and Operating Agreement (SSGIA) for the 3.15 MW DC Petpeswick community solar project in Halifax, Nova Scotia.

The SSGIA is a formal contract that allows a smaller power project to connect to and operate on the electricity grid, establishing technical and safety requirements for the physical connection and determining responsibility for grid upgrade costs. The project has also secured municipal permits and will advance to environmental permitting.

PowerBank targets commencement of ground preparation in fall 2026, subject to final permitting and financing. The project is owned by AI Renewable Flow-through Fund, with PowerBank serving as lead developer. Nova Scotia engineering firm Trimac Engineering has been engaged to assist with delivery.

The project is expected to generate energy equivalent to powering approximately 288 homes annually and produce an estimated $1.727 million in lifetime electricity savings for the local community. The subscription-based community solar model allows renters, businesses, and homeowners to receive bill credits of $0.02/kWh without installing rooftop equipment.

The Petpeswick project is one of four community solar contracts awarded under Nova Scotia's program, contributing approximately 3.15 MW DC toward a planned 100 MW AC of solar additions in the province. Nova Scotia has set targets of 80% renewable energy by 2030 and net-zero by 2035.

According to a press release statement, PowerBank has previously completed over 50 MW of community solar projects in the United States and reports a development pipeline exceeding 1 GW.