Ms. Tracy Zheng reports

POWERBANK PROVIDES PROGRESS UPDATE ON THREE COMMUNITY SOLAR PROJECTS IN NOVA SCOTIA

Powerbank Corp. has shared a progress update for the three community solar projects in Nova Scotia. These projects, located in Sydney, Brooklyn and West Petpeswick, are all expected to receive interconnection results within the next 30 days. If the interconnection results are positive and the projects are financially feasible, the company expects to begin construction in the spring of 2026.

Highlights:

• Projects to power a combined equivalent of 1,140 homes annually;
• Part of Nova Scotia's ambitious 80-per-cent-renewable-energy-by-2030 initiative;
• Enables residents and businesses to access solar without rooftop installation;
• Projects to provide a total of approximately 14,369 megawatt-hours of clean energy to the province annually, equivalent to removing approximately 10,058 tonnes of CO2 (carbon dioxide) emissions and 3,081 passenger vehicles from the road.

The projects are owned by AI Renewable Flow-through Fund and Powerbank is the lead developer and builder for the projects. Powerbank will partner with local Nova Scotia's trusted engineering firm, Trimac Engineering, to deliver the projects. Powerbank has been at the forefront of community solar development in the United States with over 50 megawatts of community solar projects completed and is proud to be deploying its expertise in Canada as the community solar market develops there.

Over the projects' lifetimes, they will be generating up to a combined $6.95-million in electricity savings for the local communities in Sydney, Brooklyn and Petpeswick. These savings come with the additional benefits of local job opportunities, economic growth, local educational opportunities regarding renewable energy, improved grid reliability and emissions reductions.

The Canadian federal government and the Province of Nova Scotia are very supportive of community solar, with a number of incentives, including the smart renewables and electrification pathways program (SREP), the indigenous-led clean energy stream, and the low-carbon communities program.

Community solar is a cornerstone of Nova Scotia's bold commitment to achieve 80 per cent renewable energy by 2030 and net zero by 2035. As one of only four community solar contracts awarded under the program so far, the three projects contribute approximately 12.4 MW DC (direct current) to the 100 MW AC (alternating current) of planned solar additions that will help reduce fossil fuel reliance and drive local economic development.

Unlike traditional rooftop systems, community solar allows renters, businesses and homeowners to subscribe to the solar farm and receive bill credits and savings of two cents per kilowatt-hour -- without installing any equipment. The project feeds directly into the local electricity grid and offers a flexible, accessible way for Nova Scotians to participate in the clean energy transition.

The projects leverage Powerbank's proven execution capabilities and strategic partnerships. With over 100 MW of projects built and a one-gigawatt-plus development pipeline, Powerbank brings institutional-grade development expertise to Atlantic Canada. The projects' clear timeline ensures near-term EPC (engineering, procurement and construction) revenue generation and positions Powerbank to obtain additional development contracts in the high-growth community solar market. All MW numbers presented as MW DC unless otherwise specified.

There are several risks associated with the development of the projects. The development of any project is subject to receipt of interconnection approval, a community solar contract, receipt of required permits, the availability of third party financing arrangements for the company and the risks associated with the construction of a solar power project. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for solar power, which could result in the projects no longer being economic.

About Powerbank Corp.

Powerbank is an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects in Canada and the United States. The company develops solar and battery energy storage system (BESS) projects that sell electricity to utilities, commercial, industrial, municipal and residential offtakers. The company maximizes returns through a diverse portfolio of projects across multiple leading North America markets, including projects with utilities and host offtakers as well as community solar and virtual net metering projects. The company has a potential development pipeline of over one gigawatt and has developed renewable and clean energy projects with a combined capacity of over 100 megawatts built.

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