PowerBank secures $8 million revolving credit facility with NY Green Bank

Deal Analysis

PowerBank's securing of an $8 million revolving credit facility from NY Green Bank is a strategic move to fuel its growth as an Independent Power Producer (IPP) in New York State. The financing is specifically earmarked for interconnection deposits for a 50 MW portfolio of distributed solar and battery energy storage projects. This low-cost capital injection is intended to accelerate PowerBank's project development pipeline and capitalize on the growing demand for distributed renewable energy solutions. NY Green Bank's participation underscores its commitment to supporting clean energy initiatives within New York. By providing this revolving credit facility, NYGB is enabling PowerBank to overcome a key barrier to project development – the often substantial upfront costs associated with interconnection. This deal exemplifies the role of green banks in de-risking renewable energy projects and attracting further investment into the sector. The transaction is expected to contribute to New York State's clean energy goals by facilitating the deployment of additional solar and battery storage capacity.

PowerBank secures $8 million revolving credit facility from NY Green Bank.
Financing is dedicated to interconnection deposits for 50 MW of distributed solar and battery storage projects.
NY Green Bank's involvement highlights its commitment to supporting clean energy projects in New York.
The deal aims to accelerate PowerBank's IPP growth strategy.

Market Context: The deal occurs within the context of a growing market for distributed solar and battery energy storage in New York State, driven by state-level policies and incentives aimed at promoting renewable energy adoption and grid modernization.

Source Intelligence

KEY DETAILS

The financing is to fund interconnection deposits. Quote: "PowerBank secured an $8 million USD revolving credit facility with NY Green Bank (NYGB) to fund interconnection deposits for an initial portfolio of 50 MW of distributed solar power and battery energy storage projects in New York State."

“

Deal Size

PowerBank secured an $8 million USD revolving credit facility with NY Green Bank (NYGB) to fund interconnection deposits for an initial portfolio of 50 MW of distributed solar power and battery energy storage projects in New York State.

“

Capacity

PowerBank secured an $8 million USD revolving credit facility with NY Green Bank (NYGB) to fund interconnection deposits for an initial portfolio of 50 MW of distributed solar power and battery energy storage projects in New York State.

“

Location

PowerBank secured an $8 million USD revolving credit facility with NY Green Bank (NYGB) to fund interconnection deposits for an initial portfolio of 50 MW of distributed solar power and battery energy storage projects in New York State.

“

PPA Details

PowerBank secured 20 MW of Leases and Power Purchase Agreements with the New York State Division of Military and Naval Affairs (DMNA) for solar and battery energy storage systems, further strengthening the Company’s presence in New York’s distributed energy market. Once operational, PowerBank intends to sell the clean energy generated by the Projects to the DMNA under long term power purchase agreements that have an initial term of 20 years or to local residents through community solar subscriptions.

“

Announcement

Toronto, Ontario, February 17, 2026

PARTIES MENTIONED IN SOURCE

N

NY Green Bank lender

"PowerBank secured an $8 million USD revolving credit facility with NY Green Bank (NYGB) to fund interconnection deposits for an initial portfolio of 50 MW of distributed solar power and battery energy storage projects in New York State."

P

PowerBank developer

"PowerBank secured an $8 million USD revolving credit facility with NY Green Bank (NYGB) to fund interconnection deposits for an initial portfolio of 50 MW of distributed solar power and battery energy storage projects in New York State."

high quality Enriched Feb 19, 2026