CNB provided a senior secured term loan facility and other extensions of credit for four New York-based community solar projects which make up part of OYA's 9 Gigawatt project pipeline
TORONTO, March 27, 2023 /PRNewswire/ - OYA Renewables ("OYA"), a leading energy transition solutions platform, today announced that it has secured backing from City National Bank (CNB), a wholly-owned US subsidiary of Royal Bank of Canada – with a US$27.1 million long-term loan facility. In addition to this, OYA also received funding from Greenprint, the tax equity investor for the four 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," said Manish Nayar, Chairman and Founder of OYA Renewables. "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."
The funds from CNB and Greenprint were used to complete the term conversion of the four projects. Robinson Road
in Jefferson County*
6.7 Megawatt defined conditions (MWdc) solar farm expected to generate approximately 10,490,000 kilowatt-hours (kWh) annually, the equivalent of offsetting an estimated 7,400 metric tons of carbon and providing enough clean energy to power over 1,400 households annually. State Route 122
in Franklin County*
6.8 MWdc solar farm expected to generate approximately 10,330,000 kilowatt-hours (kWh) annually, the equivalent of offsetting an estimated 7,300 metric tons of carbon and providing enough clean energy to power over 1,400 households annually. Pulaski
in Oswego County*
4.6 MWdc solar farm expected to generate approximately 7,626,197 kilowatt-hours (kWh) annually, the equivalent of offsetting an estimated 5,400 metric tons of carbon and providing enough clean energy to power over 1,000 households annually.
Wayside in Jefferson County*
6.7 MWdc solar farm expected to generate approximately 10,647,000 kilowatt-hours (kWh) annually, the equivalent of offsetting an estimated 7,500 metric tons of carbon and providing enough clean energy to power over 1,400 households annually.
*Numbers are approximate and can fluctuate through the life of the project
"City National is proud to support OYA Renewables' community solar project pipeline across New York," said Craig Robb, Managing Director, Power Project Finance, City National Bank. "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 community solar projects expected to reach commercial operation by mid-2023, adding to its pipeline that already exceeds 600 Megawatts in the State.
Community solar programs allow businesses, public agencies, and households to access the benefits of solar power through subscribing to a portion of a solar farm that's ideally situated to generate electricity. By subscribing to the program, community members receive credits and savings of up to 10% on their electric bill every month from their portion of the solar that's generated. Power produced from the community solar development is fed directly back to the electric grid and energy is delivered to customers through their regular electricity provider.
About OYA Renewables
OYA Renewables is leading the renewable energy transition with an exceptional track record as a top ten community solar developer. Founded in 2009, OYA has developed over 1,440 MWDC and has a pipeline of 9 GW of distributed and utility-scale solar projects across North America. Focused on the expansion of renewable energy and the integration of other clean technologies, the Company is committed to delivering long-term clean energy solutions to clients supporting their renewable energy objectives and providing access to clean energy for underserved communities. OYA has been certified by both the Canadian Aboriginal and Minority Supplier Council and the New York & New Jersey Minority Supplier Development Council as a diverse supplier. It has a highly engaged, seasoned and diverse workforce, with offices located in Toronto and Boston.
For more information, please visit: https://oyarenewables.com
About City National Bank
With $95.9 billion in assets, City National Bank provides banking, investment and trust services through 69 branches, including 22 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville, Atlanta, Washington, D.C. and Miami*. In addition, the company and its investment affiliates manage or administer $88.2 billion in client investment assets.
City National is a subsidiary of Royal Bank of Canada (RBC), one of the world's leading diversified financial services companies. RBC serves more than 17 million personal, business, public sector and institutional clients through offices in Canada, the United States and 27 other countries.
For more information about City National, visit the company's website at cnb.com.
*City National Bank does business in Miami and the state of Florida as CN Bank.
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SOURCE OYA Renewables