PowerBank Secures $242 Million Solar Portfolio Under Federal Tax Rules

The portfolio, which encompasses 97 MW of solar capacity and 42 MWh of storage, represents a total construction value of $242.3 million. By completing equipment procurement agreements, the company aims to satisfy the IRS Physical Work Test, ensuring eligibility for federal incentives under the One Big Beautiful Bill Act of 2025. These projects are projected to generate enough electricity to power roughly 11,000 homes.

Andrew van Doorn, President and COO of PowerBank, characterized the procurement as a proactive measure against regulatory instability. While a recent federal court ruling in Washington, DC, restored a previous "5% Safe Harbor" provision for developers, the company opted to proceed with the Physical Work Test to minimize exposure to potential appeals or future shifts in tax policy. The company intends to serve as an independent power producer or EPC lead as these assets move toward commercial operation in the coming years.