OYA Renewables gets combined $216 million for solar development

By William Gullotti

Buffalo, N.Y., March 1 – OYA Renewables closed on a combined $216 million in financial backing consisting of a $145 million construction-to-term loan and a $71 million tax equity commitment, according to a press release on Wednesday.

CIT Power and Energy was the lead for the construction-to-term loan, coordinating a syndicate of participating banks comprised of Amalgamated Bank, Siemens Financial Services Inc., Comerica Bank and Cadence Bank.

Monarch Private Capital provided the tax equity investment. The investment will let Monarch, and its investors, to be included in OYA’s ESG-related credits. Monarch investors will receive a federal tax credit through its funds in proportion to their level of ownership and see potential positive cash flow when the solar projects are up and running. Several of the projects located within low-income communities will qualify for additional tax credits of up to 20%, taking the total potential credits from 30% to as high as 50%.

Proceeds will be used to finance the construction of 15 community solar development projects in New York State.

Further details, such as those regarding tenor and interest rate, were not included in the press release.

Founded in 2009, OYA is focused on the expansion of renewable energy and the integration of other clean technologies.

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