OYA Renewables (OYA), an energy transition solutions platform, secured backing from City National Bank (CNB), a wholly owned U.S. subsidiary of Royal Bank of Canada – with a $27.1 million long-term loan facility. In addition to this, OYA also received funding from Greenprint, the tax equity investor for the four projects, due to the projects reaching the Substantial Completion milestone.

"City National Bank has a smart and experienced team, and a progressive approach to project finance within clean energy," said Manish Nayar, Chairman and Founder of OYA Renewables. "As our community solar project pipeline continues to see significant growth within New York State and beyond, having robust financial backing from CNB allows us to focus our attention squarely on efficient and effective project execution. We look forward to working with the CNB team into the future as we seek new and increasingly diversified ways to advance the transition to clean energy."

The funds from CNB and Greenprint were used to complete the term conversion of the four projects.

For more asset-based lending industry news, visit ABL Advisor.