What if the biggest obstacle to clean energy growth wasn’t technology, but timing and capital? Across the US, renewable developers often face delays at the grid connection stage, where upfront costs can slow otherwise ready projects. PowerBank’s latest financing move shows how targeted capital solutions can remove that bottleneck and accelerate the renewable energy transition.

PowerBank has secured $8 million in financing from NY Green Bank to fund interconnection deposits for renewable energy projects in New York State. Structured as a revolving credit facility, the loan can be expanded up to $12 million at the lender’s discretion, offering PowerBank flexible access to capital as its project pipeline advances. NY Green Bank, a division of NYSERDA, continues its mission of catalyzing clean energy investment through innovative financial structures.

Interconnection deposits are a critical but often underestimated step in renewable energy development. Developers must post these deposits with utilities or grid operators to cover grid upgrades and connection costs when requesting interconnection. While refundable if projects do not reach commercial operation, the deposits can tie up significant capital.

PowerBank’s revolving facility is secured against project-related assets and backed by a corporate guarantee, allowing the company to recycle capital efficiently. Because deposits are refunded over time, the structure creates a self-replenishing funding source that supports continuous execution across multiple renewable energy projects without constant refinancing.

NY Green Bank’s participation highlights the importance of public-backed institutions in scaling distributed solar and battery energy storage. By providing early-stage, risk-mitigated capital, the lender helps unlock private investment and speeds up grid-connected clean energy deployment.

This financing will support interconnection deposits for distributed solar and battery projects, a segment that plays a growing role in grid resilience and local energy supply. Visual tools such as grid maps or interconnection process diagrams are often used in this space to illustrate how distributed assets integrate into existing infrastructure, underscoring the complexity that this financing helps overcome.

The proceeds will be deployed toward an initial 50 MW portfolio of distributed solar power and battery energy storage assets across New York State. PowerBank also plans to expand the portfolio as additional projects reach readiness, using the revolving nature of the facility to maintain development momentum.

By solving a critical funding challenge at the interconnection stage, PowerBank positions itself to scale faster while supporting New York’s clean energy goals.

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