OYA Solar, an emerging independent power producer, announced today that it has raised additional capital, increasing its corporate investment to $35 million. Proceeds of the expanded investment will be used to accelerate the development and construction of OYA’s 3GW+ pipeline across the Northeast and mid-Atlantic and to fund acquisitions. Just last week OYA Solar announced that it closed on tax equity financing for four New York community solar projects,
OYA develops, constructs, and owns solar and battery storage assets, focusing on both community solar and traditional utility-scale grid-tied systems. 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 US, at least 240 MW of which will be located in New York.
The recent transaction was led by Greenbacker Capital Management, LLC, investing through an affiliated fund. Additional investors included Lewis & Clark Holdings and entities controlled by abrdn plc, each existing investors in the Fund.
“In 2021, we successfully made the transition from solar developer to asset owner, and we have now streamlined our focus on our goal to place 500MWdc in operation by 2024. The increased corporate investment ensures that we are well-positioned to do so,” said Manish Nayar, CEO and Founder of OYA Solar.
OYA is headquartered in Toronto, with offices in New York and Boston. Founded in 2009, OYA has developed 1,440 MW of solar in the community solar and utility markets in both Canada and the United States.
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