March 27, 2023
OYA Renewables has secured backing from City National Bank (CNB), a completely owned U.S. subsidiary of Royal Bank of Canada, with a $27.1 million long-term mortgage facility. The funding will assist 4 New York-based neighborhood solar initiatives that make up a part of OYA’s 9 GW undertaking pipeline
In addition to the CNB mortgage, OYA additionally acquired funding from Greenprint, the tax fairness investor for the 4 initiatives, as a result of the initiatives have reached the “substantial completion” milestone.
“City National Bank has a smart and experienced team, and a progressive approach to project finance within clean energy,” mentioned Manish Nayar, chairman and founding father of OYA Renewables. “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. We look forward to working with the CNB team into the future as we seek new and increasingly diversified ways to advance the transition to clean energy.”
The funds from CNB and Greenprint had been used to finish the time period conversion of the next initiatives:
Robinson Road in Jefferson County — A 6.7 MWdc solar farm anticipated to generate roughly 10,490,000 kWh per 12 months, offering sufficient clear energy to power greater than 1,400 households yearly.
State Route 122 in Franklin County — A6.8 MWdc solar farm anticipated to generate roughly 10,330,000 kWh yearly.
Pulaski in Oswego County — A 4.6 MWdc solar farm anticipated to generate roughly 7,626,197 kWh yearly.
Wayside in Jefferson County — A 6.7 MWdc solar farm anticipated to generate roughly 10,647,000 kWh yearly.
“City National is proud to support OYA Renewables’ community solar project pipeline across New York,” mentioned Craig Robb, managing director of power undertaking finance for City National Bank. “We will continue to help provide financing and other services to our clients and communities as they invest in sustainable energy infrastructure for future generations.”
OYA has 5 extra New York neighborhood solar initiatives anticipated to succeed in business operation by mid-2023, including to its pipeline that already exceeds 600 MW within the state.
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Tags: Community Solar, Financing, OYA Renewables