PowerBank Awarded Contract by New York Power Authority for 1.6 MW Ground-Mount Solar Project at SUNY Oneonta

Project expected to generate recurring energy revenue and qualify for approximately US$1.4 million in federal investment tax credits First MW-scale array to power campus facilities TORONTO, Sept. 3, 2026 /PRNewswire/ -- PowerBank Corporation (Nasdaq: PBK) (Cboe CA: PBK) (FSE: 103) ("PowerBank" or the "Company"), a leader in independent energy development and asset ownership in North America, is pleased to announce that it has been awarded a contract (the "Contract") by the State University of New York at Oneonta in Oneonta, NY for the development and construction of a 1.628 MW DC ground-mount solar project (the "Project") in a Request for Proposals (RFP) administered by the New York Power Authority ("NYPA"). 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 track 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&2 carbon emissions - as well as, lowering the campus' peak electrical demand on the local utility. NYPA is the largest state public power organization in the U.S. 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 USD, and the Project is expected to be eligible for U.S. federal Investment Tax Credits with an estimated value of $1.4 million USD.

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 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," says Lachlan Squair, Associate Vice President of Facilities Management at SUNY Oneonta. "By expanding our on-site renewable e...