PowerBank Corporation, a leader in North American energy infrastructure development and asset ownership, has announced that it has executed a lease agreement on a 5 MW AC hybrid solar plus battery energy storage project known as the NY-Cloverdale Rd project in upstate New York. The project is expected to be eligible for incentives under the New York State Energy Research and Development Authority (NYSERDA) NY-Sun Program and the Retail Storage Incentive Program.
The rapid growth of wind and solar power and the rising demand for electricity from data centers are making batteries a necessity. They store surplus renewable energy for when it’s not windy or sunny and maintain a balance between energy supply and demand. There has been a 90 percent drop in the cost of batteries over the last 15 years as new factories have come online, resulting in significant growth in this sector globally.
The company is in the process of initiating the preliminary screening analysis as part of the interconnection process. Assuming receipt of interconnection approval, the Company will work to complete the permitting process and secure the necessary financing for the construction of the Project.
Once completed, the project will likely be operated as a hybrid community solar plus energy storage project. Community solar is a solar project with access to the local electricity grid. Once the project is connected and generating electricity, energy from the site feeds into the local power grid. Depending on the size and number of panels the project has, dozens or even hundreds of renters and homeowners can save money from the electricity that is generated by the project. By subscribing to a project, an electricity customer can earn credits on their electric bill every month from their portion of the solar that’s generated by the project, accessing the benefits of solar and energy storage without installing any equipment at their location. This allows electricity customers to realize a reduced cost per kilowatt-hour from the power they consume versus standard utility rates.
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 renewable energy solutions.
The project advances New York’s path to 10 GW of distributed solar and 6 GW of energy storage by 2030. The state leads the United States in community solar capacity, having achieved the New York State Climate Act 6 GW solar goal in the fall of 2024.
There are several risks associated with the development of the project. The development of any project is subject to receipt of a community solar contract, receipt of interconnection approval, receipt of required permits, the availability of third-party financing arrangements for the company, and the risks associated with the construction of a solar power project. In addition, governments may revise, reduce, or eliminate incentives and policy support schemes for solar power, which could result in future projects no longer being economic.
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