OYA Renewables says it has secured backing from City National Bank (CNB), a wholly owned U.S. subsidiary of Royal Bank of Canada, with a $27.1 million long-term loan facility.
In addition, OYA also received funding from Greenprint, the tax equity investor for four OYA projects.
“As our community solar project pipeline continues to see significant growth within New York State and beyond, having robust financial backing from CNB allows us to focus our attention squarely on efficient and effective project execution,” says Manish Nayar, chairman and founder of OYA Renewables.
The funds from CNB and Greenprint were used to complete the term conversion of the four projects.
The 6.7 MW DC solar farm on Robinson Road in Jefferson County, N.Y., is expected to generate approximately 10,490,000 kWh annually, the equivalent of offsetting an estimated 7,400 metric tons of carbon and providing enough clean energy to power over 1,400 households annually.
The 6.8 MW DC solar farm on State Route 122 in Franklin County, N.Y., is expected to generate approximately 10,330,000 kWh annually, the equivalent of offsetting an estimated 7,300 metric tons of carbon and providing enough clean energy to power over 1,400 households annually.
The 4.6 MW DC solar farm in Pulaski, Oswego County, N.Y., is expected to generate approximately 7,626,197 kWh annually, the equivalent of offsetting an estimated 5,400 metric tons of carbon and providing enough clean energy to power over 1,000 households annually.
The 6.7 MW DC solar farm on Wayside in Jefferson County, N.Y., is expected to generate approximately 10,647,000 kWh annually, the equivalent of offsetting an estimated 7,500 metric tons of carbon and providing enough clean energy to power over 1,400 households annually.
OYA has five additional New York community solar projects expected to reach commercial operation by mid-2023, adding to its pipeline that already exceeds 600 MW in the state.
