OYA Renewables Secures $216 Million For New York Community Solar Pipeline

US based energy transition solutions platform OYA Renewables has announced that it has secured a total of $216 million in financial backing for the construction of as many as 15 community solar development projects throughout the state of New York. This is expected to give a fresh push to community based solar power in the US and OYA Renewables said that this makes up part of its 2023 pipeline.

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Of the $216 million in total financing, $145 million has been secured as a construction-to-term loan. CIT Power and Energy acted as lead on the loan, coordinating a syndicate of participating banks which was comprised of Amalgamated Bank, Siemens Financial Services, Comerica Bank and Cadence Bank.

OYA Renewables secured an additional $71 million in project funding with Monarch Private Capital (MPC) in the form of a tax equity investment.

The 2023 slate of projects being funded by the combined transactions are located throughout New York State and are expected to generate almost 100 MWdc of renewable energy per year once complete.

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Subsequent pipeline projects that will form part of 2024 slate of OYA Renewables are currently in pre-construction or late stage permitting.

Several of the solar power projects located within low-income communities will qualify for additional tax credits of up to 20%, taking the total potential credits from 30% to as high as 50%.

Manish Nayar, Chairman and Founder, OYA Renewables, said, "These types of investments from highly-progressive banking partners are critical to the financing of renewable energy projects. Without them, we wouldn't be the major force we are in the NY community solar market and the US energy transition could not have generated the incredible momentum it's seeing now."

Brent Barringer, Managing Director, LIHTC & Renewables at Monarch Private Capital, said, "Our shared commitment to renewable energy has allowed us to make meaningful progress towards creating a sustainable future. As we continue to expand our renewable energy division, we are proud to accelerate the Nation's energy transition alongside such dedicated and visionary partners."

Recently, OYA Renewables formed Chrysalis Energy joint venture with Oil Well Shares for the development and construction of community and utility-scale solar, wind and energy storage infrastructure projects across the PJM region in America.