OYA Renewables Closes US$216M in Construction-to-term Loans and Tax Equity Commitments for New York Community Solar Development Pipeline

OYA Renewables (“OYA”), a leading energy transition solutions platform, today announced that it has secured a total of US$216M in financial backing for the construction of a slate of 15 community solar development projects throughout New York State which included project funding with Monarch Private Capital (MPC) in the form of a tax equity investment. The investment will see MPC participate in the funding of OYA’s slate of 2023 projects via their ESG-oriented impact funds. 

• US$145M Construction-to-term loan led by CIT, a division of First Citizens Bank & Trust Company
• US$71M Tax Equity Commitment secured with Monarch Private Capital
• Proceeds to be used to finance the construction of 15 New York State-based community solar development projects

“We are grateful for the opportunity to partner with OYA on community solar investments in New York State. Our shared commitment to renewable energy has allowed us to make meaningful progress towards creating a sustainable future. As we continue to expand our renewable energy division, we are proud to accelerate the Nation’s energy transition alongside such dedicated and visionary partners.”

Brent Barringer, Partner, Managing Director LIHTC & Renewables at Monarch

Read the full release.