OYA Solar secured $35 million in construction and interconnection financing from NY Green Bank, a state-sponsored, specialized financial entity and division of NYSERDA. The financing will support the construction of three community solar projects in New York state, the first of which, a 6.8-MW project in Constable, New York, is already under construction.
OYA expects the three projects to be placed in service early next year and they will be the first in a 100 megawatt direct current portfolio that OYA intends to construct through the end of 2021. The entire portfolio will provide 155 gigawatt hours annually, enough to power approximately 39,000 homes with clean energy as well as to a wide variety of local businesses, public sector agencies, affordable housing providers and residents each year.
“We appreciate the support of NY Green Bank in achieving this significant milestone for our community solar business. In a difficult market for both construction debt and tax equity, NY Green Bank exhibited flexibility and ingenuity in tailoring a very competitively priced solution, which will enable us to place 22 MWDC in service in the first half of 2021,” says Manish Nayar, CEO & Founder of OYA Solar. “We look forward to expanding our relationship with NY Green Bank as we focus our attention on the remainder of our 100 MW 2021 construction portfolio.” Additionally, OYA is working with various Tax Equity parties to secure commitments for 2021.
The execution of this transaction marks NY Green Bank’s 22nd transaction to support community solar projects across New York State. OYA plans to increase its investment across the state to help support the State’s goal to deploy 6 gigawatts of Distributed Solar by 2025.
— Solar Builder magazine