PowerBank Corporation (NASDAQ: SUUN) shares decreased in price Thursday. The company, claiming to be a leader in North American energy infrastructure development and asset ownership, is pleased to announce that it has executed a lease agreement on a 1.76 MW DC ground-mount solar power project known as the NY-Hemlock Hill project, in Upstate New York. The Project is expected to be eligible for incentives under the New York State Energy Research and Development Authority NY-Sun Program.
The Company is in the process of submitting the interconnection application and has initiated the preliminary screening analysis as part of the initial interconnection steps. 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 be operated as a community solar project. Community solar is a group of solar panels with access to the local electricity grid. Once the panels are turned on and generating electricity, clean 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, a homeowner earns credits on their electric bill every month from their portion of the solar that's generated by the project, accessing the benefits of solar without installing panels on their home.
SUUN shares opened the session down 17 cents, or 7.9%, to $1.98.
