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PowerBank Corporation (SUUN) announced its 3.79 MW Geddes Solar Power Project in New York State is now operational and will fund a bitcoin treasury strategy.
The utility-scale solar installation, built on a former landfill site in Geddes, New York, generates enough electricity to power approximately 450 homes annually. The company stated net cash flows from the project will be allocated at management’s discretion to acquire bitcoin.
"Geddes isn’t just our largest U.S. asset—it’s our launchpad into a bold, dual-track strategy that fuses clean energy leadership with financial innovation," said Dr. Richard Lu, President and CEO.
The ground-mounted solar facility represents PowerBank’s largest owned-and-operated asset in the United States. The company operates distributed solar energy and battery storage projects across North America, with over 100 MW of completed projects and a development pipeline exceeding 1 GW.
PowerBank indicated it is evaluating expanding the bitcoin treasury approach to additional solar and battery storage projects in its independent power producer portfolio. The company noted no bitcoin purchases have been made as of the announcement date.
Bitcoin acquisitions will be funded through excess cash generated by the Geddes project after meeting capital expenditures, debt service obligations and operational requirements. Purchase timing and amounts will depend on market conditions, bitcoin pricing, cash needs and regulatory factors.
Solar Simplified handles customer-facing activities for PowerBank’s community solar projects, managing acquisition, enrollment and project subscription services.
The company stated custody and security frameworks for bitcoin holdings are under evaluation and will be finalized before any acquisitions occur.