PowerBank Corporation, a Toronto-based renewable energy developer and independent power producer, has secured a $8 million revolving loan facility. According to the company, the financing was provided by NY Green Bank through a loan agreement announced recently. The loan has been designated to fund refundable interconnection deposits required by utilities for grid connection approvals. PowerBank stated that the facility will support deposits for an initial 50 MW distributed solar and BESS. As per earlier disclosures, the financing also referenced support for an initial 34 MW portfolio of solar, battery, and hybrid projects. NY Green Bank may increase the principal amount to up to $12 million at its discretion. The company confirmed that no shares were issuable under the loan, which was secured against associated project assets. Recently, PowerBank has advanced the Phillips Road solar project toward key permitting milestones.