Mr. Andrew van Doorn reports

POWERBANK AWARDED CONTRACT BY NEW YORK POWER AUTHORITY FOR 1.6 MW GROUND-MOUNT SOLAR PROJECT AT SUNY ONEONTA

Powerbank Corp. has been awarded a contract by the State University of New York at Oneonta in Oneonta, N.Y., for the development and construction of a 1.628-megawatt DC ground-mount solar project in a request for proposals administered by the New York Power Authority. The contract was awarded to an entity owned by Powerbank's wholly owned U.S. subsidiary, Abundant Solar Power Inc. Powerbank will own and operate the project once construction is complete.

The contract follows a competitive solicitation issued by NYPA seeking developers to design, develop, construct, install, finance, own, operate and maintain solar photovoltaic systems at SUNY Oneonta. Proposals were evaluated on price, technical competency, technical approach, strength of management team, financing availability and financial strength, risk analysis, and schedule for project delivery and completion. The solicitation also required proposers to demonstrate a record of designing, developing, constructing, installing, financing, owning, operating and maintaining photovoltaic systems at a comparable scale.

The project will be the first MW-scale, on-site solar array at SUNY Oneonta and supports the university's clean energy master plan, which prioritizes reducing the campus Scope 1 and 2 carbon emissions -- as well as lowering the campus's peak electrical demand on the local utility. NYPA is the largest state public power organization in the United States and works with public sector customers across New York State to expertly advise them on incorporating distributed renewable and clean energy solutions into their energy systems. The project is connecting behind the meter and will provide power to campus facilities.

The next milestone for the project is the receipt of a building permit. Once constructed and operational, the project is expected to deliver enough energy to power the equivalent of approximately 205 homes annually. The estimated construction value of the project is $3.58-million (U.S.), and the project is expected to be eligible for U.S. federal investment tax credits with an estimated value of $1.4-million (U.S.).

Powerbank's president and chief operating officer Andrew van Doorn commented: "Winning a competitive solicitation of this kind comes down to execution history. Our engineers and construction professionals have spent decades building and commissioning complex energy infrastructure across New York State, and we are proud to be delivering the first MW-scale on-site solar array for a campus that has made a central commitment to use of more clean energy generation resources. We look forward to working alongside NYPA and the university and to advancing the project through permitting and into construction with the discipline our partners have come to expect from Powerbank."

"The New York Power Authority is pleased to see solar development at SUNY Oneonta advance toward construction," said NYPA president and chief executive officer Justin E. Driscoll. "This 1.6 MW solar project at SUNY Oneonta reflects how forward-thinking collaboration can modernize campus energy systems, reduce environmental impact, and provide students, faculty and community members with a tangible example of clean energy innovation in action."

"The construction of this 1.6-megawatt solar array is an important step forward in SUNY Oneonta's commitment to decarbonizing our campus and advancing New York State's ambitious clean energy goals," said Lachlan Squair, associate vice-president of facilities management at SUNY Oneonta. "By expanding our on-site renewable energy generation, we are reducing greenhouse gas emissions, strengthening the sustainability and resilience of our campus, and helping build a cleaner energy future for New York. Our partnership with the New York Power Authority and Abundant Solar Power demonstrates the power of collaboration in turning climate commitments into meaningful, measurable action. This project is not only an investment in renewable energy -- it is an investment in the future of our students, our campus and our state."

The project supports New York State's goal of reducing greenhouse gas emissions 60 per cent by 2040 and achieving a net-zero economy by 2050, as well as New York's path to 10 gigawatts of installed distributed solar by 2030. The state leads the United States in community solar capacity, having reached the milestone of six GW installed distributed solar in the fall of 2024.

Powerbank's proven expertise, with over 100 MW of completed projects and a development pipeline exceeding one GW, underpins the project's execution. Strategic partnerships and institutional-grade development capabilities position Powerbank to deliver reliable, high-impact energy solutions. These capabilities are increasingly valuable as AI and data centre growth place unprecedented demand on the North American grid.

About Powerbank Corp.

Powerbank is a vertically integrated and independent North American energy company helping to power the digital economy. The company develops, builds, owns and operates solar and battery energy storage systems that deliver reliable and resilient power to the electricity grid, commercial and industrial clients, and municipal and residential offtakers. As AI and digital infrastructure drive unprecedented electricity demand, Powerbank is uniquely positioned to deliver the speed, scale and energy independence that the next generation of power consumers requires, without waiting years for permitting and grid interconnection. The company has a potential development pipeline of over one gigawatt and has developed energy projects with a combined capacity of over 100 megawatts built.

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