PowerBank Corporation (NASDAQ: SUUN) has completed the term conversion of its construction loan for the Geddes Project in upstate New York, securing $920,000 USD. The conversion follows the successful commissioning of the community solar project and marks a shift from construction financing to long-term debt.
Transitioning from Construction to Long-Term Operations
The original construction loan, valued at $2.6 million USD, was provided by Seminole Financial Services, a firm with extensive experience funding renewable energy projects in the U.S. With the Geddes Project now fully operational as of July 25, 2025, the loan has been converted to a mini-perm structure, leaving a principal balance of $1,695,000 USD and a maturity date of January 20, 2032. This structure provides PowerBank with a stable financial platform to support ongoing operations and project management.
Community Solar Benefits and Reach
The Geddes Project operates as a community solar initiative, feeding clean energy into the local grid. Local homeowners and renters can subscribe to a share of the generated power, earning credits on their monthly electric bills without installing panels on their own property. Projects like Geddes provide scalable clean energy solutions while supporting community-level participation in the energy transition.
Partnership with Seminole Financial Services
Seminole Financial Services has provided more than $3.5 billion in financing for renewable energy projects across the U.S. Its expertise in mid-scale solar, wind, and battery storage makes it a trusted partner for developers like PowerBank seeking to scale sustainable infrastructure efficiently.
Looking Forward
With the financing conversion complete, PowerBank is well-positioned to manage operations at Geddes and apply the learnings from this project to its growing pipeline of distributed solar and energy storage projects. Investors may see this as a demonstration of PowerBank’s ability to efficiently transition from development to operational phase, while maintaining a strong financial foundation.
Forward-looking information is subject to risks and uncertainties. Read full DISCLAIMER.
