New York State will be the home of upwards of 400-megawatts of community solar energy thanks to OYA Solar. The solar developer recently announced that it has found financing for the construction of new community solar facilities it had planned for New York. Greenbacker Capital Management, LLC. and NY Green Bank are working with OYA to fund the expansive project, hoping to bring clean, renewable energy to New York State residents.
With funding in hand, OYA believes it will complete the first of its New York community solar facilities by March 2021. The first development is a 6.8-megawatt installation being built in Constable, NY. An additional six projects are planned for development later in the year, and OYA is scheduled to complete at least 16 new projects by the end of the year. The total capacity of all projects being considered for 2021 will top out at approximately 100-megawatts of solar power. That’s enough energy to power nearly 21,000 homes.
The community solar projects are designed to assist underserved communities in New York. However, small businesses and renters are eligible to subscribe to the projects once they’re operational. By subscribing, they support New York’s clean energy movement and its goal to reach net-zero carbon emissions under the direction of Governor Cuomo.
Additional to the funding for its community solar energy projects, OYA is seeking a commitment of tax equity in the amount of $40 or $50 million. This equity will be for its 2021 development portfolio and will assist in the further construction of other projects in New York. By securing the current investment and the tax equity, OYA is on track to reach its growth goals of becoming the largest community solar developer in all of New York.
When construction starts on the community solar facilities, the local communities will benefit greatly from their economic impact. During construction and after the sites become operational, jobs will be created. Additionally, the operation of the facilities is directly linked to providing environmental benefits to the surrounding area.
OYA hopes to remain an integral part of New York’s community solar growth. It hopes to secure further investments to join the state in achieving a 6-gigawatt distribution of solar energy by 2025.