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SEC filingPowerBank Corporation announced the termination of the sale of its Gainesville and Highway 28 solar projects due to lack of permits, with US$2.35 million in advanced funds to be returned to the buyer.
The termination stems from the Gainesville and Highway 28 projects failing to secure required permits, triggering the Owner's Sell-Back Notice and reversal of the prior sale agreement for all four projects. PowerBank will refund approximately US$2.35 million, representing advances received. This preserves ownership of these assets, allowing exploration of alternatives like independent development or new buyers, while affirming confidence in their value. Unaffected Hardie and Rice Road projects continue advancing, with racking complete at Rice Road, module delivery slated for H2 2026, and COD in Q1 2027 post-spring remobilization. Investors should note this partially reverses a prior divestiture strategy but maintains progress on higher-value projects totaling US$22.88 million.