Power

Oya Solar secures financing to launch community solar projects in NY

Oya Solar

Oya Solar, a solar developer, and independent power producer announced this Tuesday it entered into an agreement with Greenprint Capital to receive tax equity financing to launch four community solar projects in New York.

Firstly, the projects altogether have a total capacity of 25 megawatts-dc. Three of the projects entered service at the end of 2021; these projects are Robinson Road, Wayside, and State Route 122A. The remaining project, Pulaski Solar, in Oswego County, will enter service during the first quarter of 2022.

Moreover, the already operational projects provide energy to a mix of residential; commercial, public sector, and non-profit organizations, including low-income households. They are also connecting energy to the National Grid and NYSEG distribution networks.

In addition, the four projects will generate around 38.9 GWh of electricity and power every year. Such an amount would be enough to power 3,321 homes annually. According to the statement, placing these projects in service marks a pivotal moment for OYA and the construction of its New York portfolio of community solar projects.

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Oya Solar will continue to expand its community solar portfolio through 2022

Furthermore, and in addition to the four projects mentioned above; the company has started construction on two projects that will enter service by the second quarter of the year. One of the projects has 13MWdc of capacity, and the other has 85MWdc. Construction of them both will start in the spring.

Also, by the end of 2022 Oya Solar expects to have approximately 125MWdc in operation in the State. About the agreement with Greenprint Capital, Manish Nayar, CEO of Oya Solar, said it secured financing for a significant portion of the company’s portfolio for 2022.

He also remarked. “We expect to continue to scale the OYA development and construction platform in order to accelerate our capacity expansion and distributable cash flow growth.”

Finally, Peter DeFazio, Managing Director of Greenprint, said. “Greenprint’s co-investment platform enables new and existing investors to utilize their tax position to promote additionality, allow communities to access clean renewable energy, and participate in an eco-system that supports local job creation. We are looking forward to working with the OYA team in the future to continue our investment in solar projects in NY and beyond.”

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