OYA Renewables, an energy transition solutions platform, secured a $27.1 million long-term loan facility from City National Bank, a wholly-owned U.S. subsidiary of Royal Bank of Canada. OYA also received funding from Greenprint as tax equity investor for four of its projects due to the projects reaching the substantial completion milestone.
“City National Bank has a smart and experienced team, and a progressive approach to project finance within clean energy,” Manish Nayar, chairman and founder of OYA Renewables, said. “As our community solar project pipeline continues to see significant growth within New York state and beyond, having robust financial backing from CNB allows us to focus our attention squarely on efficient and effective project execution. We look forward to working with the CNB team into the future as we seek new and increasingly diversified ways to advance the transition to clean energy.”
OYA Renewables used funds from City National Bank and Greenprint to complete the term conversion of four solar farm projects throughout the state of New York.
“City National is proud to support OYA Renewables’ community solar project pipeline across New York,” Craig Robb, managing director of power project finance at City National Bank, said. “We will continue to help provide financing and other services to our clients and communities as they invest in sustainable energy infrastructure for future generations.”
OYA has five additional New York solar projects expected to reach commercial operation by mid-2023, adding to its current pipeline, which already exceeds 600 megawatts in the state.