OYA Solar secures financing to fund NY community solar projects

OYA Solar Inc. secured financing from a fund affiliated with Greenbacker Capital Management LLC to support development and construction of about 350 MWdc to 400 MWdc of community solar projects across New York.

The NY Green Bank, a division of the New York State Energy Research and Development Authority, participated in the transaction, according to a Jan. 26 news release.

OYA said it is also securing a tax equity commitment of approximately $40 million to $50 million for its 2021 construction portfolio.

The solar developer is on track to commission its first project, a 6.8-MWdc facility in Constable, N.Y., in March 2021. It anticipates beginning construction on another six community solar projects in the first quarter.

OYA expects to place 16 projects or nearly 100 MWdc of capacity online by the end of 2021.