PowerBank Corporation Reacquires 13.9 MW Gainesville and Highway 28 Community Solar Projects in New York

PowerBank Corporation has reacquired the Highway 28 (6.9 MW) and Gainesville (7 MW) community solar projects in New York State through its subsidiary Abundant Solar Power Inc. for a combined purchase price of approximately USD 2.4 million. The projects have a combined construction value of USD 32.5 million and expected US federal tax credits of USD 13 million, with construction readiness targeted for 2026 and 2027 respectively.

Transaction date: · Source: powerbankcorp.com

Key facts

Transaction date
Technology
Solar PV
Capacity
13.9 MW
Transaction price
2.2 million (currency as reported in the source)
Region
New York
Location
Highway 28 (6.9 MW) and Gainesville (7 MW), New York State, USA
Continent
North America
Development status
Under Development
PPA
n.a.

Technology details

Two community solar projects totalling 13.9 MW: Highway 28 (6.9 MW, construction-ready Q3 2026, interconnection agreement and major permits secured, NYSERDA NY-Sun approval for approx. USD 893,445 plus potential Inclusive Community Solar Adder of ~USD 1.5 million; construction value ~USD 17 million, expected ITC ~USD 8 million) and Gainesville (7 MW, construction-ready 2027, in permitting; construction value ~USD 15.5 million, expected ITC ~USD 5 million). Both projects remain eligible for US federal Investment Tax Credits under the One Big Beautiful Bill Act of 2025.

Additional information

Total purchase price: USD 1,249,488 for Highway 28 and USD 1,146,580 for Gainesville, payable in milestone payments (combined ~USD 2.4 million / ~EUR 2.2 million). Projects were originally developed by PowerBank/Abundant Solar Power, sold in January 2025, and reacquired. PowerBank is listed on Nasdaq (PBK), Cboe CA (PBK) and FSE (103). Combined construction value of approximately USD 32.5 million with expected USD 13 million in US federal tax credits.

Source

Original announcement: https://powerbankcorp.com/news/powerbank-acquires-new-york-solar-portfolio-with-us-32-5-million-construction-value-and-us-13-million-in-expected-u-s-federal-tax-credits

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