OYA Renewables has secured backing from City National Bank (CNB), a wholly owned U.S. subsidiary of Royal Bank of Canada, with a $27.1 million long-term loan facility. The funding will support four New York-based community solar projects that make up part of OYA’s 9 GW project pipeline
In addition to the CNB loan, OYA also received funding from Greenprint, the tax equity investor for the four projects, because the projects 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,” said Manish Nayar, chairman and founder 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 were used to complete the term conversion of the following projects:
Robinson Road in Jefferson County — A 6.7 MWdc solar farm expected to generate approximately 10,490,000 kWh per year, providing enough clean energy to power more than 1,400 households annually.
State Route 122 in Franklin County — A6.8 MWdc solar farm expected to generate approximately 10,330,000 kWh annually.
Pulaski in Oswego County — A 4.6 MWdc solar farm expected to generate approximately 7,626,197 kWh annually.
Wayside in Jefferson County — A 6.7 MWdc solar farm expected to generate approximately 10,647,000 kWh annually.
“City National is proud to support OYA Renewables’ community solar project pipeline across New York,” said Craig Robb, managing director of power project 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 five additional New York community solar projects expected to reach commercial operation by mid-2023, adding to its pipeline that already exceeds 600 MW in the state.
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