Refinancing across 53 operating solar projects expected to release approximately CA$5.0 million in net cash to PowerBank Consolidates 50 credit agreements into one facility with a major Canadian bank, with lower scheduled debt payments, banking fees and administrative costs expected PowerBank to bring operations and maintenance of 49 solar projects in-house, supporting lower operating costs and greater operational control This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated June 5, 2025 to its short form base shelf prospectus dated May 7, 2025 TORONTO , Oct. 26, 2026 /PRNewswire/ -- PowerBank Corporation (NASDAQ: PBK) (Cboe CA: PBK) (FSE: 103) (" PowerBank " or the " Company "), a vertically integrated independent North American energy company, today announced the completion of a CA$25.4 million project-level refinancing that reduces outstanding project loan principal by approximately CA$4.2 million, or 14%. The transaction is expected to release approximately CA$5.0 million in net cash to PowerBank, reduce scheduled debt payments and simplify financing administration across 53 operating solar projects (the "Projects"). The refinancing covers projects held across 14 project companies and consolidates 50 credit agreements across three lenders into a single agreement with a major Canadian bank. The new facility replaces approximately CA$29.6 million in outstanding principal and borrowings remain at the project-owning subsidiary level. The Company expects the consolidated financing structure to lower scheduled quarterly debt payments, banking fees and administrative costs, supporting cash flow from its operating solar portfolio. Expected cash release supports financial flexibility The transaction is funded through the new facility and an approximately CA$1.5 million closing contribution from PowerBank. Approximately CA$5.9 million in existing reserve and lockbox funds are expected to be released following closing. Together with approximately CA$543,000 received from unwinding interest rate swaps associated with 45 existing loans, these funds are expected to provide approximately CA$5.0 million in net cash after PowerBank's closing contribution, reserve account funding and closing costs. Bringing Operations and Maintenance in-house PowerBank will assume operations and maintenance (" O&M ") responsibilities for 49 of the Projects, which the Company expects will reduce project-level operating costs and provide greater control over maintenance planning and operating performance. Under an agreement with the existing third-party O&M provider, PowerBank will provide a full and final release of that provider's obligations. The refinancing reflects PowerBank's continued focus on strengthening its Balance Sheet and IPP portfolio of operating assets, which generate long-term contracted revenue, while supporting the Company's growth across its development pipeline in Canada and the United States . Risks and forward-looking information Expected cash releases, debt-service reductions, cost savings and operating improvements are subject to risks and uncertainties, including account-release requirements, interest and hedging costs, solar resource variability, equipment performance, maintenance expenses, and the O&M transition are based on assumptions and subject to certain risks. Changes in government incentives and policy support may also affect project economics. Actual results may differ materially from expectations. Please refer to "Forward-Looking Statements" for additional discussion of relevant assumptions and risk factors. About PowerBank Corporation PowerBank Corporation is an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects in Canada and the USA. The Company develops solar and Battery Energy Storage System (BESS) projects that sell electricity to utilities, commercial, industrial, municipal and residential off-takers. The Company maximizes returns via a diverse portfolio of projects across multiple leading North America markets including projects with utilities, host off-takers, community solar, and virtual net metering projects. The Company has a potential development pipeline of almost one gigawatt and has developed renewable and clean energy projects with a combined capacity of over 100 megawatts built. To learn more about PowerBank, please visit www.powerbankcorp.com . FORWARD-LOOKING STATEMENTS This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements") that relate to the Company's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will lik