Renewable energy developer PowerBank announced on Monday the launch of a new solar power project in Germany with a capacity of 3.2 megawatts. The project is situated in Bavaria and is anticipated to be connected to the grid in the first quarter of 2027.

In a press release, PowerBank stated the installation will occupy approximately five hectares of land. It will utilize bifacial photovoltaic modules and a tracking rack system to enhance power generation efficiency. The project is expected to produce roughly 3.5 million kilowatt-hours of electricity annually, which would be sufficient to meet the yearly power needs of about 1,000 households. The necessary construction permits have been secured from local authorities, and a 15-year power purchase agreement has been signed with a regional energy supplier.

In a statement, the Chief Executive Officer of PowerBank noted that this project's advancement underscores the company's ongoing commitment to the distributed solar power generation sector. He remarked that despite uncertainties within Germany's renewable energy policy framework, demand for green power from commercial and industrial users remains robust, which provides favorable economics for small to medium-sized solar projects.

This latest initiative is part of a series of solar projects PowerBank is developing within Germany. The company specializes in developing commercial, industrial, and community solar projects with capacities ranging from 1 to 10 megawatts, employing a business model that involves development, construction, and sale, or long-term ownership and operation.

PowerBank indicated that the total estimated construction cost for the project is approximately 3.8 million euros. Financing will be arranged through a combination of internal funds and green project loans. Based on current electricity price levels and subsidy policies, the project is projected to achieve an internal rate of return between 8% and 10%.