Toronto-based OYA Renewables said it lined up $216 million in financial backing to build 15 community solar development projects across New York State.
The projects are expected to generate almost 100 MWdc of renewable energy per year once complete.
Around $145 million of the financing package was secured as a construction-to-term loan. CIT Power and Energy acted as lead on the loan, coordinating a syndicate of banks including Amalgamated Bank, Siemens Financial Services Inc., Comerica Bank and Cadence Bank.
OYA secured an additional $71 million in project funding with Monarch Private Capital in the form of a tax equity investment. The investment is expected to see Monarch participate in funding OYA’s slate of 2023 projects via its ESG-oriented impact funds. Several of the projects located within low-income communities are expected to qualify for tax credits of up to 20%, taking the total potential credits from 30% to as high as 50%.
OYA was founded in 2009 and has developed more than 1,440 MWdc. It said it has a pipeline of 9 GW of distributed and utility-scale solar projects across North America.