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$8 Million USD Loan Secured by PowerBank to Accelerate Independent Power Producer Portfolio
PowerBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: 103) ("PowerBank" or the "Company"), a leader in North American energy infrastructure development and asset ownership, today announced that it and its subsidiaries have entered into a loan agreement with NY Green Bank ("NYGB") for a revolving credit facility with initial principal amount of up to $8 million USD (the "Loan") that will be used to fund interconnection deposits for an initial portfolio of 50 MW of distributed solar power and
About this update from Powerbank Corporation
[{"type":"list","items":[{"val":[{"type":"text","content":"Funds will be used to pay interconnection deposits which are required by utilities to complete the interconnection process and are refundable if a project does not reach commercial operation.","length":191,"tagName":"p"}]},{"val":[{"type":"text","content":"This loan is expected to support interconnection deposits for an initial portfolio of 34 MW of solar power, battery energy storage and hybrid projects, with potential to support future projects.","length":194,"tagName":"p"}]},{"val":[{"type":"text","content":"This loan allows PowerBank to further accelerate the growth of its Independent Power Producer portfolio by providing low-cost capital.","length":134,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":519,"olType":false},{"type":"text","content":"This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated June 5, 2025 to its short form base shelf prospectus dated May 7, 2025.","length":205,"tagName":"p","attribs":{}},{"type":"text","content":"TORONTO, Dec. 31, 2025 /CNW/ - PowerBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: 103) ("PowerBank" or the "Company"), a leader in North American energy infrastructure development and asset ownership, today announced that it and its subsidiaries have entered into a loan agreement with NY Green Bank ("NYGB") for a revolving credit facility with initial principal amount of up to $8 million USD (the "Loan") that will be used to fund interconnection deposits for an initial portfolio of 50 MW of distributed solar power and battery energy storage projects located in New York State (the "Projects"). The Company will add projects to the portfolio beyond the initial 50 MW as they are ready.","length":753,"tagName":"p"},{"type":"image","alt":"PowerBank Logo (CNW Group/PowerBank Corporation)","displaySize":"","headline":null,"caption":"PowerBank Logo (CNW Group/PowerBank Corporation)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":65,"url":"https://media.zenfs.com/en/cnwgroup.com/eef61a59f5a00382d5784c9e240dc2f6"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/wOim2myh9QI65Q_rUYM4jw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTExNTtjZj13ZWJw/https://media.zenfs.com/en/cnwgroup.com/eef61...