OYA Solar And CoPower Close Refinancing Of Four Ontario Rooftop Solar Projects
FOR IMMEDIATE RELEASE
Toronto, ON: 15 April, 2020: Solar project developer OYA Solar and clean energy financier CoPower Inc are pleased to announce the closing of an agreement to refinance a portfolio of four solar projects located in Ontario totalling 1.3 MW. Proceeds from the six-year term loan with CoPower, a subsidiary of Vancity Community Investment Bank (“VCIB”), will be used to refinance existing debt and to fund the growth of OYA’s operating asset base in North America.
Despite current challenging market conditions, OYA Solar was able to work with CoPower to secure attractive financing terms. OYA intends to grow its asset base through both the continued development of its organic pipeline, along with selective acquisition opportunities, by focusing on attractive high-quality solar assets with contracted cashflows.
“We are pleased to complete the financing facility with CoPower” said Manish Nayar, Founder and CEO of OYA Solar. “Given recent turmoil and uncertainty in the financial markets, this refinancing allows us to lock in the value attributed to these high-quality Ontario Feed-In Tariff projects, and provides us flexibility as we seek to grow our operating portfolio in both Canada and the United States.”
“OYA Solar’s track-record of developing, constructing and operating high-quality solar assets, coupled with the strong operating history of these four projects, make this loan a great fit for the CoPower Green Bond portfolio and our work to finance the clean energy transition,” said Jonathan Frank, Director of Clean Energy Business Development for CoPower and VCIB. “OYA has increased flexibility to grow their business, Green Bond investors earn steady returns supported by the sale of solar power, and together we keep the clean energy transition moving forward in this period of economic uncertainty.”
Founded in 2013, CoPower is Canada’s first sustainable investment platform and a leading provider of financing to clean energy and energy efficiency projects. Through its unique green bond financing model, CoPower connects clean energy projects seeking financing with Canadians looking to invest for profit and planet. Through Green Bond proceeds and other investment vehicles, the company has raised nearly $35 million for clean energy and provided financing to more than 1,600 individual clean energy or energy efficiency projects. CoPower Inc. was acquired by VCIB in 2019 and is a wholly-owned subsidiary of VCIB. CoPower Inc. is an exempt market dealer registered in Alberta, British Columbia, Manitoba, Nova Scotia, Ontario, Québec, Saskatchewan and Yukon. Learn more at CoPower.me.
About OYA Renewables
OYA Renewables is a North American full-service solar developer and independent power producer. Its projects provide clean energy and widespread economic and environmental benefits for landowners, communities, and energy customers. It is committed to developing and operating solar projects, with a particular focus on community solar, that incentivize the participation of low-to-moderate income households. Founded in 2009, OYA is the first North American solar platform to have been certified as a diverse supplier and minority business enterprise. We have successfully monetized in excess of 1,400 MWDC of distributed and utility-scale solar projects across North America and our current development pipeline exceeds 3 GWDC. For more information, please visit www.oyarenewables.com.
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