PowerBank (SUUN) said Tuesday it successfully completed an interconnection study for a new 2.1-megawatt solar facility situated on a former landfill site in update New York.

The site is secured by a land lease and the project will now move into the local permitting phase following the positive electrical system review, the company said.

The project is expected to qualify for the state's distributed energy compensation program and various federal tax credits, PowerBank said.

Final construction remains contingent on obtaining necessary permits and securing third-party financing, it added.

PowerBank shares were 1.7% higher in premarket trading.