FAQ: PowerBank Corporation's 4.99 MW Battery Storage System Installation in Ontario
Summary
What is the significance of PowerBank Corporation’s recent project in Ontario?
The installation of a 4.99 MW Battery Energy Storage System (BESS) in Ontario signifies PowerBank Corporation’s official entry into the battery storage sector, supported by a $25.8 million green loan and a partnership with First Nations.
How was the project financed?
The project was financed through a $25.8 million green loan from RBC and a $45 million transaction with Solar Flow-Through Funds Ltd., with PowerBank owning 50% and First Nations partners owning the other 50%.
What are the benefits of the Battery Energy Storage System installed by PowerBank?
The system benefits from a 22-year IESO contract with premium pricing and qualifies for a 30% Clean Technology Investment Tax Credit, enhancing its financial viability and environmental impact.
Who is executing the civil and electrical work for the project?
Anvil Crawler is executing the civil and electrical work under a $1.85 million contract.
What challenges is PowerBank facing with the related 903 project?
The development of the related 903 project is delayed due to pending municipal approvals and local opposition, leading to a notice of potential force majeure to the IESO.
Where can I find more information about PowerBank Corporation?
More information about PowerBank Corporation can be found on their website at www.powerbankcorp.com.
What is PowerBank Corporation’s focus?
PowerBank Corporation focuses on developing and owning independent renewable and clean energy projects, particularly distributed and community solar projects in Canada and the USA.
What is the potential development pipeline of PowerBank Corporation?
PowerBank Corporation has a potential development pipeline of over one gigawatt and has developed projects with a combined capacity of over 100 megawatts built.
Where can investors find the latest news and updates about PowerBank Corporation?
Investors can find the latest news and updates relating to PowerBank Corporation (NASDAQ: SUUN) in the company’s newsroom at https://ibn.fm/SUUN.
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