PowerBank Corporation announced on February 17 that it has secured an $8 million U.S. revolving credit facility with New York Green Bank. The facility will fund interconnection deposits for an initial portfolio of 50 MW of distributed solar and battery storage projects across New York State.
The financing comes at a time when PowerBank has been operating with negative free cash flow and a debt‑to‑equity ratio of 3.09. In the six months ended December 31, 2025, the company reported a narrowed net loss and positive operating cash flow, a turnaround from the $31.1 million net loss reported for the fiscal year ended June 30, 2025 (up from a $3.6 million loss in FY 2024, largely due to a $30.4 million impairment). The new credit line provides a low‑cost, flexible source of capital that is critical for a company still working to achieve positive free cash flow.
The credit line will support the development of 15 “safe‑harbored” distributed solar and energy storage projects in New York. Those projects total approximately 67 MW DC of solar generation and 11 MWh of battery storage, with a construction value of $168 million. The facility will cover interconnection deposits for the 50 MW portfolio that PowerBank plans to deploy as part of its 1 GW development pipeline.
Strategically, the financing underpins PowerBank’s shift toward an independent power producer model. The company reported a 1,508 % increase in IPP revenues in fiscal 2025, and the new credit line will accelerate the rollout of its renewable assets, improving cash flow and supporting long‑term recurring revenue streams. The facility also signals institutional confidence from New York Green Bank, a specialized investment fund that bridges financing gaps for clean‑energy projects in the state.
"The financing from NY Green Bank for this initial portfolio represents an excellent opportunity for PowerBank and our partners. This transaction reflects PowerBank's established track record in New York State, and our strong working relationship with NYSERDA. As these projects advance, we're excited to contribute to the region's clean energy objectives," said Dr. Richard Lu, President and CEO of PowerBank. "Fiscal year to date revenue and gross profit are up as we continue to improve financial performance."
New York Green Bank, a division of NYSERDA, specializes in providing revolving credit facilities to bridge financing gaps for clean‑energy projects. The facility aligns with New York's Climate Leadership and Community Protection Act goals, which target 10 GW of distributed solar and 6 GW of energy storage by 2030. PowerBank, formerly SolarBank until July 2025, also appointed Andrew van Doorn as President on February 18, 2026, reinforcing its focus on growth across North America.
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