PowerBank Signs Three Lease Agreements for Battery Storage Systems

PowerBank has executed three lease agreements on battery energy storage systems, known as the Round Hill Rd project, the Montana Rd project and Genesee Rd project, in upstate New York. Each project has the capacity to hold up to 5 MW AC and discharge over 4 hours, totaling 60 megawatt hours of combined battery energy storage capacity. The Projects are expected to be eligible for incentives under the New York State Energy Research and Development Authority, or NYSERDA, Retail Storage Incentive Program and compensation under New York's Value of Distributed Energy Resources mechanism. The company is in the process of initiating the preliminary screening analysis as part of the interconnection process. Assuming receipt of interconnection approval, the company will work to complete the permitting process and secure the necessary financing for the construction of the Projects. The Projects advance New York's path to 10 GW of distributed solar and 6GW of energy storage by 2030.