OYA Renewables secures US$216mn financing for solar projects in New York

OYA Renewables has secured a US$216 million financing as a construction-to-term loan for the development of 15 community solar photovoltaic projects located throughout New York, USA. 

The financing package was sourced from banks comprising Amalgamated Bank, Siemens Financial Services Inc., Comerica Bank, and Cadence Bank, with CIT Power and Energy acting as the lead. Monarch Private Capital (MPC) has also invested an additional US$71 million in project funding in the form of a tax equity investment. 

The community solar portfolio included in these deal is expected to have a total of 100 MW DC generating capacity once completed.