OYA Solar clinches financing worth $35 million from NY Bank

Date: 2020-09-25   Author: Saipriya Iyer  Category: #news

OYA Solar clinches financing worth $35 million from NY Bank

OYA Solar, a leading solar development company, has reportedly announced that it has closed a $35 million construction and interconnection funding from state-sponsored  financial entity and division of NYSERDA, NY Green Bank.

The financing would further support the construction of three new community solar projects across the New York state. The first project, a 6.8 MWDC in Constable, New York, has already been started and is under construction. The company anticipates placing the projects in service early next year. The new projects would be the first in a 100 MWDC portfolio which the firm plans to construct by the end of 2021.

The whole portfolio would provide 155 GWh yearly, which is enough to annually power nearly 39,000 households with clean energy, to public sector agencies, residents, affordable housing providers, and numerous local businesses.

Manish Nayar, CEO & Founder of OYA Solar, stated that the company is looking forward to expanding its relationship with NY Green Bank as it focuses its attention towards the remainder of its 100 MW 2021 construction portfolio.

Nayar further stated that the company is also working with numerous Tax Equity parties for securing commitments for the coming year.

Alfred Griffin, President, NY Green Bank, stated that the bank is thrilled to finance the deployment of three community solar projects of OYA Solar, which are expected to provide clean energy to thousands of North Country region citizens.

Meanwhile, the successful closing of the transaction shows that the solar industry could mobilize rapidly to become an instant driver of economic growth and employment during COVID-19 pandemic. The construction of solar projects would have a substantial and immediate positive economic impact in upstate New York. This initiative would also facilitate numerous direct environmental and economic benefits to the regional community for the next 25 years.

Additionally, OYA is planning on increasing its investment in the state to increase support for the State's goal of deploying Distributed Solar capacity of nearly 6 GW by 2025.

Source credits: https://www.benzinga.com/pressreleases/20/09/n17621121/oya-solar-secures-35-million-in-construction-and-interconnection-financing-from-the-ny-green-bank



About Author


Saipriya Iyer linkdin-boxtwitter

Saipriya Iyer

Saipriya Iyer currently works as a content developer for AlgosOnline. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her belt, she has dabbled with website...

Read More

Post Recommendents

Antenatal Screening Market Share, By Product Analysis, Application, End-Use, Regional Outlook, Competitive Strategies & Forecast up to 2028

Author: Ashwin Naphade

Global Antenatal Screening Market, 2022-2028 Research Report provides crucial statistics on the market status of the Global Antenatal Screening manufacturers and is a respected source of guidance and direction for companies and individuals interes...


Pediatric Vitrectomy Market Size | Global Industry Analysis, Segments, Top Key Players, Drivers and Trends to 2028

Author: Ashwin Naphade

Global Pediatric Vitrectomy market report provides major statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.

The Pediatric Vitrectomy market repor...


Legionnaire Disease Testing Market Comprehensive Analysis, Share, Growth Forecast from 2022 to 2028c

Author: Ashwin Naphade

This report studies the Global Legionnaire Disease Testing market status and outlook of global and major regions, from angles of players, regions, product types and end industries; this report analyzes the top players in global and major regions, ...