OYA Solar partners with Wunder Capital to finance New York community solar projects
OYA Solar NY, L.P. has teamed with Wunder Capital to take advantage of Wunder’s new financing for development and construction activities for a portfolio of 10 projects located throughout upstate New York. The projects, totaling 61.9 MWdc, are part of OYA Solar’s larger portfolio which supports the ambitious sustainability goals set forth by Governor Andrew Cuomo. Wunder closed the facility in just four days.
For OYA Solar, founded in 2009, the New York portfolio comes as part of a broader effort to expand its commercial & industrial-scale solar impact across North America. Active in seven U.S. states and counting, OYA Solar especially seeks to fill the gap in providing clean energy access to low-to-middle-income housing organizations, rural areas, and commercial enterprises, in many cases through community solar.
For Wunder Capital, the launch of development and construction financing is Wunder’s latest way to provide C&I developers with more flexibility and certainty of funds. “Developers don’t want their operating capital tied up in inventory and interconnection deposits for months or years at a time,” says Wunder’s CEO, Dave Riess. “This program allows developers to do more of what they do best by stretching their equity further, recycling capital faster, and developing projects further prior to lining up a takeout provider.” Wunder has found the C&I market to be extremely receptive, with a pipeline of projects from almost every U.S. state.
“OYA Solar is pleased to partner with Wunder Capital to support our shared goal of maximizing the benefits of Community Solar to C&I and residential customers in New York,” says Manish Nayar, Founder and CEO of OYA Solar. “Given the current exceptional circumstances across the country, and particularly in New York, we are excited to be in a position to leverage this capital and increase our development run rate to above 100MW annually, which will help thousands of households and businesses reduce their energy costs.”
About OYA
OYA Solar is a North American full-service solar developer committed to developing, building, and operating solar projects that provide clean energy and widespread economic and environmental benefits for landowners, communities, and energy customers. Founded in 2009, the company has a track record of delivering projects that provide the best levelized cost of energy (LCOE) across North America. With a project development pipeline of 1000 MW, OYA Solar is proud to be contributing to a better future.
About Wunder
Wunder Capital is a leading source of debt financing for C&I solar assets ranging from 100kW to 10MW across municipal, corporate, and community solar market segments. To date, Wunder has raised $400M+ in capital commitments, and deployed funds across 350+ transactions in 24 US states. Learn more about what sets Wunder apart at WunderCapital.com.