OYA Solar announced that it has successfully closed a $35 million 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 MWDC project in Constable, New York, is already under construction.
OYA expects the three projects to be placed in service early next year. They will be the first in a 100-MWDC portfolio that OYA intends to construct through the end of 2021. Together, the entire portfolio will provide 155 GWh annually, enough to power approximately 39,000 homes annually with clean energy, to a wide variety of local businesses, public sector agencies, affordable housing providers and residents.
“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,” said Manish Nayar, CEO and 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.
“NY Green Bank is pleased to underwrite the deployment of three of OYA Solar’s community solar projects that expect to provide thousands of North Country region citizens with access to clean energy,” said Alfred Griffin, president of NY Green Bank. “The execution of this transaction marks NY Green Bank’s 22nd transaction to support community solar projects across New York State which advances Governor Cuomo’s nation leading clean energy and climate goals.”
The successful closing of the transaction proves that the solar industry can mobilize quickly to become an immediate driver of economic growth and employment during COVID-19. The construction of these projects will have a significant and immediate positive economic impact in upstate New York and provide direct economic and environmental benefits to their residents for the next 25 years. OYA plans to increase its investment across the state to help support the State’s goal to deploy 6 GW of distributed solar by 2025.
News item from OYA Solar