Recent Developments
During and up to the date of this MD&A, the Company achieved the following business objectives:
| ● | September 2025: The Company announced the project Jordan Rd (1&2) have secured all required municipal approvals, including variances, site plan approval and special use permit. The Company will continue to work to complete the permitting process and secure the necessary financing for the construction of the project. |
| ● | September 2025: The Company announced its 2.8 MW Day Hollow ground-mount solar project in upstate New York has secured site control. The Company will continue to work to complete the permitting process and secure the necessary financing for the construction of the project. |
| ● | August 2025: The Company announced its 5.7 MW North Main St ground-mount solar project, located in upstate New York, has completed its Coordinated Electric System Interconnection Review. The Company will continue to work to complete the permitting process and secure the necessary financing for the construction of the project. |
Management’s Discussion and Analysis
| ● | August 2025: The Company announced that Sydney, Brooklyn, and Petpeswick Community Solar projects (the “Projects”) in Nova Scotia were granted $1.74 million in funding through the Nova Scotia Department of Environment and Climate Changes provided by the Nova Scotia Department of Energy and managed by the Net Zero Atlantic program. These projects are owned by a third party and are being developed by the Company for the third party. |
| ● | August 2025: The Company announced the installation of its 4.99 MW Battery Energy Storage System (BESS) in Cramahe, Ontario, at the project known as SFF-06. |
| ● | April 2025: The Company announced its plans to develop a 7.2 MW DC ground-mount solar power project known as the Glor Rd project (the “Project”) on a site located in upstate New York. Assuming the Project’s requested interconnection approval is received, the Company will continue to work to complete the permitting process and secure the necessary financing for the construction of the project. |
| ● | April 2025: The Company announced its plans to develop a 4.584 MW DC ground-mount solar power project known as the Forest Hill Rd project on a site located in upstate New York. Assuming the Project’s requested interconnection approval is received, the Company will continue to work to complete the permitting process and secure the necessary financing for the construction of the project. |
| ● | March 2025: The Company announced its plans to develop a 7.2 MW DC ground-mount solar power project known as the Hoadley Hill Rd project on a site located in upstate New York. Assuming the Project’s requested interconnection approval is received, the Company will continue to work to complete the permitting process and secure the necessary financing for the construction of the project. |
| ● | March 2025: The Company announced it has closed a registered direct offering with a single institutional investor. The investor purchased 2,394,367 common shares and warrants to purchase up to 2,394,367 common shares at a combined purchase price of US$3.55 per common share and accompanying warrant for aggregate gross proceeds of approximately US$8.5 million before deducting fees and other estimated offering expenses (the “2025 Offering”). The warrants are exercisable immediately at an exercise price of US$4.45 per share and will expire five years from the date of issuance. Approximately US$8.5 million was funded in full upon the closing of the 2025 Offering, and up to an additional US$10.65 million may be funded upon full cash exercise of the warrants. No assurance can be given that any of the warrants will be exercised. The Company expects to use the net proceeds from the 2025 Offering to advance its independent power producer assets including BESS projects and a community solar project in New York, along with for working capital and other general corporate purposes. |
| ● | March 2025: The Company announced that its 3.26 MW Camillus Solar Project has been sold to, and will now be constructed for, Solar Advocate Development LLC (“Solar Advocate”) in a transaction valued at US$7.3 million. Engineering and initial construction have commenced and the Company has initiated procurement of major equipment. The Company will now continue to build the project for Solar Advocate to commercial operation via an EPC agreement dated March 18, 2025. The sale price for the project, and value of the EPC agreement are approximately US$7.3 million. |
| ● | March 2025: The Company announced its plans to develop a 4.3 MW DC ground-mount solar power project known as the Glen Rd project on a site located in upstate New York. Assuming the project’s interconnection study is successful, the Company will continue to work to complete the permitting process and secure the necessary financing for the construction of the project. |
| ● | March 2025: The Company announced its plans to develop a 7.2 MW DC ground-mount solar power project known as the Jordan Rd, Gainesville project on a site located in upstate New York. Assuming the project’s interconnection study is successful, the Company will continue to work to complete the permitting process and secure the necessary financing for the construction of the project. |
| ● | March 2025: The Company announced an update on the development of a 5.4 MW DC ground-mount solar power project known as the Boyle Rd project on a site located in upstate New York. The project has achieved a development milestone in receiving positive interconnection results via a completed Coordinated Electric System Interconnection Review (“CESIR”). |
| ● | March 2025: The Company announced an update on the development of a 2.9 MW DC ground-mount solar power project known as the Silver Springs project on a site located in Gainesville, New York. The project has achieved a development milestone in receiving positive interconnection results via a completed CESIR. |
| ● | March 2025: The Company announced an update on the development of a 7.2 MW DC ground-mount solar power project known as the North Main project on a site located in Wyoming County, New York. The project has completed its Coordinated Electric System Interconnection Review (“CESIR”), and can proceed to the next important milestone, permitting the project site. |
| ● | February 2025: The Company announced that it is partnering with Viridi, the industry leader in fail-safe battery energy storage systems (“BESS”), on the development of a combined 3.06 MW DC ground-mount solar power project and related 1.2 MWH BESS in Buffalo, New York. The project is being constructed on a closed landfill site, transforming previously unusable land into a productive asset that generates clean energy for the community. Subject to the receipt of financing, PowerBank intends to be the owner of the project and Virdi will provide supplies for the BESS system. |
Management’s Discussion and Analysis
| ● | February 2025: The Company announced an update on the development of two projects located on industrial brownfield sites located in Skaneateles, New York which is in the Finger Lakes Region of New York, in Onnodaga County. The Company intends to develop two ground-mount community solar projects across this site with a capacity of 14.4 MW DC. The projects have achieved a development milestone in receiving positive interconnection results via a completed Coordinated Electric System Interconnection Review (“CESIR”). Now that the Company has received a positive interconnection determination, the next step is completing the permitting process for the Projects which is already underway. |
| ● | December 2024: The Company entered into agreement with Qcells, through an affiliate, to sell four ground-mount solar power projects that are under development in upstate New York representing 25.58 MW. The projects will be developed as four separate solar power projects. The Company will now continue to build the Projects for Qcells to commercial operation via EPC agreements. The sale of the projects and EPC agreement have a total value of approximately US$49.5 million. The Company also expects that it will retain an operations and maintenance contract for the projects following the completion of construction. |
| ● | November 2024: The Company secured financial closing of a combined project loan in a principal amount of $25.8 million with Royal Bank of Canada (“RBC”) as Lenders, Administrative Agent and Collateral Agent for the Lenders. The loan, on a non-recourse basis, will be used for the construction, operation and maintenance of two 4.74 MW BESS projects located in Ontario. |
| ● | November 2024: The Company secured project financing in the form of a loan in a principal amount of $3 million. |
| ● | November 2024: The Company announced its strategic expansion into the rapidly growing data center market. The Company does not presently have any contracts to develop or power a data center but it is in discussions with various other parties regarding potential data center opportunities and will provide details if an agreement to acquire or develop a data center is concluded. The development of any data center project is subject to identification of a suitable project site, receipt of required permits, entry into contracts for construction and the use of the data center, the availability of third-party financing arrangements for the Company and the risks associated with the construction of a data center. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for renewable energy, which could result in future projects no longer being economic. |
| ● | November 2024: The Company announced its plans to develop a 3.1 MW DC ground-mount solar power project known as West Petpeswick project (the “Project”) on a site located in Nova Scotia. |
| ● | October 2024: The Company announced its plans to develop a 7.2 MW DC ground-mount solar power project known as the North Main project on a site located in Wyoming County, New York. |
| ● | October 2024: The Company announced its plans to develop a 7 MW DC ground-mount solar power project known as the Stauffer project on a site located in Lancaster County, Pennsylvania. |
| ● | October 2024: The Company announced its plans to develop a 13.8 MW DC ground-mount solar power project known as the Grandview project on a site located in Lancaster County, Pennsylvania. |
| ● | October 2024: The Company announced its plans to develop a 2.9 MW DC ground-mount solar power project known as the Silver Springs project on a site located in Gainesville, New York. |
| ● | September 2024: The Company announced its plans to develop a 7 MW DC ground-mount solar power project known as the Hwy 28 project on a 45 acre site located in Middletown, Delaware County, New York. |
| ● | September 2024: The Company announced its plans to develop a 5.4 MW DC ground-mount solar power project known as the Boyle project located in Broome County, New York. The project is expected to employ agrivoltaics (the dual use of land for solar energy production and agriculture) including sheep grazing with a local agricultural partner. |
| ● | August 2024: The Company announced that it intends to develop a 6.41 MW DC ground-mount solar power project known as the East Bloomfield project located in East Bloomfield, New York. |
| ● | July 2024: The Company advanced construction on the 1.4MW DC rooftop solar project in Alberta. Construction of the project is expected to be completed in the third quarter of fiscal year 2025. |
| ● | July 2024: The Company announced an update on its 3.25 MW DC ground-mount solar power project located in the Town of Camillus, New York on a closed landfill. The project has now received its plan approval and special use permit from the town of Camillus. |
| ● | July 2024: The Company closed its acquisition of SFF. This transaction values SFF at up to $45M but the consideration payable excludes the common shares of SFF currently held by the Company. |
Management’s Discussion and Analysis
