OYA Solar raises $35 million to accelerate construction of its 3 GW solar pipeline

OYA solar

Independent power producer OYA Solar raised additional capital this week, led by Greenbacker Capital Management, increasing its corporate investment to $35 million. Proceeds of the expanded investment will be used to accelerate the development and construction of OYA’s 3GW+ pipeline across the Northeast and mid-Atlantic and to fund acquisitions.

OYA also recently announced a large capital raise, including both tax equity and preferred equity, for a portfolio of solar projects currently under construction.

OYA is headquartered in Toronto, with offices in New York and Boston. Founded in 2009, OYA has developed 1,440 MW of solar in the community solar and utility markets in both Canada and the United States. With a pipeline of over 3 GW and an operating portfolio, OYA is transitioning from a pure play developer to an independent power producer with a full suite of development and operational capabilities.

“We are grateful for Greenbacker’s continued confidence and support in us as a disciplined, rapidly growing renewable energy platform,” says Manish Nayar, CEO and Founder of OYA Solar. “In 2021, we successfully made the transition from solar developer to asset owner, and we have now streamlined our focus on our goal to place 500MWdc in operation by 2024. The increased corporate investment ensures that we are well-positioned to do so.”

Over the past few years, OYA has built out its internal development, origination, subscription management, construction, and asset management functions, allowing the firm to operate seamlessly throughout its pipeline’s life cycle.

Greenbacker Capital Management invested through an affiliated fund, with additional investors including Lewis & Clark Holdings and entities controlled by abrdn plc, each existing investors in the fund. The financing follows an initial close on the investment from the Fund and the NY Green Bank in 2020, followed by an upsize in mid-2021 in which both the Fund and NY Green Bank, a division of the New York State Energy Research and Development Authority (NYSERDA), participated.

“Greenbacker is extremely pleased with OYA’s growth and execution,” said Ben Baker, Managing Director and Principal of the Fund. “Not only has OYA been a strong partner over the past year through the development and construction of assets, but the company has also positioned itself well to deliver its large pipeline over the coming years. OYA’s leadership has accurately identified opportunities and executed on delivering results on those circumstances delivering value to all stakeholders.”

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