OYA Solar secures USD 35m for US project development

Toronto-based solar project developer and power producer OYA Solar said this week that it has raised additional capital and thus raised its total corporate investment to USD 35 million (EUR 31m).

This latest transaction was led by an affiliated fund of Greenbacker Capital Management LLC, with participation from additional investors such as Lewis & Clark Holdings and entities controlled by abrdn plc.

OYA is a developer, builder and owner of community and traditional utility-scale solar and battery storage plants. Since its inception in 2009, the firm has developed 1,440 MW of solar in both Canada and the US and last year made the transition from solar developer to asset owner.

According to founder and CEO Manish Nayar, OYA is now focused on achieving its goal to place 500 MW of direct current (DC) solar capacity in operation by 2024. Its current pipeline exceeds 3 GW, with projects across the Northeast and mid-Atlantic. Proceeds from the latest investment will be used to accelerate the development of these projects and for acquisitions.

(USD 1.0 = EUR 0.882)

Choose your newsletter by Renewables Now. Join for free!