Announcement of OYA Solar’s inaugural tax equity financing for four New York community solar projects includes reaffirmation of placed in service dates for 25 MWDC by March 2022.
New York, NY: January 11, 2022 – OYA Solar (“OYA”), a solar developer and independent power producer, announced today that it has entered into an agreement with Greenprint Capital to provide the tax equity financing for four community solar projects located in New York (25 MWDC). Three of the projects – Robinson Road, Wayside and State Route 122A, were placed in service at the end of 2021. The projects were fully contracted with a mix of residential, commercial, public sector and non-profit organizations, including low-income households, and are connecting to the National Grid and NYSEG distribution networks. The last project – Pulaski Solar, in Oswego County, is expected to be connected to the National Grid network by the end of Q1 2022. In total, the 4 projects are projected to generate 38.9 GWh of electricity and power, the equivalent of 3,321 homes annually.
Placing these projects in service marks a pivotal moment for OYA and the construction of its New York portfolio of community solar projects. In addition to these four projects, OYA has started construction on two projects that are expected to be operational by Q2 2022 (13 MWDC) and another thirteen projects (85MWDC) will start construction in the spring. By the end of 2022, OYA expects to have approximately 125MWDC in operation in the State.
“The agreement with Greenprint Capital secures the financing for a significant portion of our 2021-22 pipeline and further demonstrates OYA’s capabilities as an emerging developer and power producer across the Northeast United States,” says Manish Nayar, CEO and Founder of OYA Solar. “We expect to continue to scale the OYA development and construction platform in order to accelerate our capacity expansion and distributable cash flow growth. We pride ourselves on creating value for our stakeholders and subscribers who are driving the transition forward to a clean energy future.”
“We are delighted to have had the opportunity to work in partnership with OYA to facilitate a tax equity investment into its growing platform of U.S. renewable projects,” says Peter DeFazio, Managing Director of Greenprint. “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.”
In addition to this tax equity financing, OYA has partnered with Greenbacker Renewable Energy Company, a leading owner and operator of sustainable infrastructure and energy efficiency projects, and the NY Green Bank, a division of the New York State Energy Research & Development Authority, to finance the construction of these first six projects.
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About OYA Solar
OYA Solar is a North American full-service solar developer and independent power producer. Our projects provide clean energy and widespread economic and environmental benefits for landowners, communities, and energy customers. We are committed to developing and operating solar projects, with a particular focus on community solar, that incentivize participation of low-to-moderate income households.
Founded in 2009, OYA is the first North American solar platform to have been certified as a diverse supplier and minority business enterprise. We have successfully monetized in excess of 1,400 MWDC of distributed and utility scale solar projects across North America and our current development pipeline exceeds 3 GWDC.