PowerBank Secures $8 Million Loan to Accelerate Clean Energy Projects
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
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Source: Newsfilter
- Loan Support for Projects: PowerBank has entered into a loan agreement with NY Green Bank for an initial amount of up to $8 million, which will fund interconnection deposits for 34 MW of solar and energy storage projects, thereby accelerating the growth of its Independent Power Producer portfolio.
- Renewable Energy Investment: This loan will finance distributed solar and battery energy storage projects in New York State, with potential to support additional projects in the future, further solidifying PowerBank's position in the clean energy market.
- Environmental Impact: Since its inception in 2013, NY Green Bank has committed over $2.6 billion to support clean energy projects, expected to avoid up to 49.6 million metric tons of CO₂ emissions, demonstrating strong backing for sustainable infrastructure.
- Strategic Partnership: PowerBank's CEO noted that this financing reflects a strong working relationship with NYSERDA, and the advancement of these projects will contribute to regional clean energy objectives, enhancing the company's competitiveness in the market.
Analyst Views on SUUN
Wall Street analysts forecast SUUN stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for SUUN is 5.98 USD with a low forecast of 5.98 USD and a high forecast of 5.98 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
1 Analyst Rating
1 Buy
0 Hold
0 Sell
Moderate Buy
Current: 1.740
Low
5.98
Averages
5.98
High
5.98
Current: 1.740
Low
5.98
Averages
5.98
High
5.98
About SUUN
PowerBank Corp, formerly SolarBank Corporation, 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, battery energy storage systems (BESS) and EV charging projects that sell electricity to utilities, commercial, industrial, municipal and residential off-takers. It has a diverse portfolio of projects across multiple North America markets including projects with utilities, host off-takers, 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.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
