OYA Renewables ("OYA"), a leading energy transition solutions platform, 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.

OYA Renewables | https://oyarenewables.com

City National Bank | cnb.com