Expected to come online by early 2021, the projects will generate enough electricity to power approximately 39,000 homes annually
Solar developer OYA Solar has secured $35m construction and interconnection financing from NY Green Bank for three solar projects in the US.
NY Green Bank is a state-sponsored, specialized financial entity and division of New York State Energy Research and Development Authority (NYSERDA).
OYA will use the financing to support the construction of three Community Solar projects in New York state.
The company is also working with various tax equity parties to secure commitments for 2021.
OYA Solar CEO and founder Manish Nayar said: “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”.
“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.”
OYA intends to build 100MW solar projects in New York by end-2021
The financing provided by NY Green Bank will support a 6.8MW project in Constable, New York. Currently under construction, it is the first project in the financing deal.
The three solar projects included in the deal are expected to become operational by early next year.
Upon coming online, the projects are expected to provide 155GWh annually which will be enough to power approximately 39,000 homes annually.
The three solar projects will be the first in a 100MW portfolio that OYA intends to build through the end of 2021.
They are expected to result in providing direct economic and environmental benefits to the residents for the next 25 years.
OYA plans to increase investment across the New York to contribute to the state’s goal to deploy 6GW of distributed solar by 2025.