OYA Solar closes on tax equity financing for four New York community solar projects

Three of the four projects financed under this agreement are already completed and in service, with the fourth expected to join by the end of Q1 2022.

January 11, 2022 Tim Sylvia

Image: OYA Solar

OYA Solar announced that the company has entered into an agreement with Greenprint Capital to provide the tax equity financing for four community solar projects located in New York, with a combined capacity of roughly 25 MW.

Within the portfolio, three of the projects have already been completed and reached commercial operation: Robinson Road, a 7 MW installation in Orleans, NY, north of Syracuse on the New York-Canada border, the 7 MW Wayside solar project, located in Pamelia, NY, just south of the Robinson Road installation, and the 7 MW installation installed on State Route 122A.

All of these installations were placed in service at the end of 2021 and are fully contracted with a mix of residential, commercial, public sector and non-profit organizations, including low-income households.

The last project included in the portfolio, a 7 MW installation dubbed Pulaski Solar, in Oswego County, is expected to be connected to the National Grid network by the end of Q1 2022.

In addition to these four projects, OYA has started construction on two projects with a combined capacity of 13 MW that are expected to be operational by Q2 2022, as well as another portfolio of thirteen projects totaling roughly 85MW, which are anticipated to start construction in the spring. By the end of 2022, OYA expects to have approximately 125 MW in operation in New York.

The four projects financed by Greenprint Capital, as well as the two projects that are expected to be operational by Q2 2022, are additionally being financed by Greenbacker Renewable Energy Company and the NY Green Bank, a division of the New York State Energy Research & Development Authority.

OYA has been making a significant community solar development push in New York as of late, and, in June, the company closed on an exclusive co-development agreement with Omni Navitas to develop, construct, and own 600 MW of community solar projects across the Northeast U.S., at least 240 MW of which will be located in New York.

This builds on OYA’s already substantial North American development pipeline which, prior to the closing of this deal, sat at 3 GW of community and utility-scale solar.

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