Sustainable Energy & Infrastructure Client Feature — March 2026

This month, we are pleased to feature our client NY Green Bank (NYGB). A division of the New York State Energy Research and Development Authority (NYSERDA), NYGB is a state-sponsored specialized fund that invests in New York State’s clean energy markets. Since its 2013 launch, NYGB has committed more than $2.6 billion to projects supporting decarbonization, clean transportation, energy storage, solar, and other sustainable infrastructure. These investments are expected to deliver up to 50 million metric tons of carbon dioxide equivalent (CO₂e) in lifetime greenhouse-gas emissions reductions and 70.6 million MMBtu equivalent in lifetime energy savings.

Mintz advised NYGB in connection with its loan agreement with PowerBank Corporation, announced on December 31, 2025. PowerBank is a North American renewable energy developer and independent power producer specializing in distributed solar and battery energy storage system (BESS) projects across Canada and the United States. PowerBank’s diversified portfolio includes utility-scale projects, host off-taker arrangements, community solar installations, and virtual net metering programs. The company has developed and constructed more than 100 MW of combined renewable energy capacity and maintains a development pipeline of over 1 GW.

The agreement establishes a revolving credit facility with an initial principal commitment of up to $8 million, which NYGB may, in its discretion, increase to $12 million. The loan, secured against the assets of PowerBank’s projects, will fund interconnection deposits for an initial portfolio of 50 MW of distributed solar power and battery energy storage projects located in New York State, with additional projects added as they become ready.

An interconnection deposit is a financial security in the form of cash or letter of credit that a developer such as PowerBank pays to a utility or grid operator when requesting to connect a new solar power or battery energy storage project. This funding is used for grid upgrades and project connection costs. These deposits are refundable if a project does not reach commercial operation.

The loan will provide PowerBank with a key source of revolving capital to execute on its development pipeline. As projects reach the commercial stage of operation, PowerBank can redeploy the proceeds to additional projects.

Under the agreement, the loan will be advanced against payment of interconnection deposit payments to utilities in New York in connection with certain PowerBank projects.

PowerBank CEO & President Dr. Richard Lu commented, “The financing from NY Green Bank for this initial portfolio represents an excellent opportunity for PowerBank and our partners. This transaction reflects PowerBank’s established track record in New York State, and our strong working relationship with NYSERDA. As these projects advance, we’re excited to contribute to the region’s clean energy objectives.”

Mintz is proud to support the NYGB team, and we look forward to seeing their continued growth and success in the sustainable energy and infrastructure financing field.

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