OYA Solar will fund and own Omni Navitas' 600 MW community solar pipeline in New York, Virginia, and Pennsylvania, creating a combined development pipeline for both companies exceeding 3 GW.
NEW YORK, June 22, 2021 /PRNewswire/ - OYA Solar is pleased to announce the closing of an exclusive co-development agreement with Omni Navitas to develop, construct, and own 600 MW of community solar projects across the Northeast United States. The agreement adds a substantial number of sites to OYA's existing 2 GW community solar and utility-scale pipeline across North America.
OYA and Omni expect to build the first 240 MW of projects under the arrangement in New York over the next 24 months and to become one of the largest community solar owners in the Northeast United States. OYA expects to have 100 MW in construction this year from its existing New York pipeline, which would represent approximately 30% of the Community Solar Projects constructed in the State in 2020.
"This co-development agreement accelerates our progress toward providing widespread access to the benefits of community solar across the Northeast United States," says Manish Nayar, the CEO and Founder of OYA Solar. "We bring experience and a long track record of working through the complexities of moving solar projects through construction and operation and with 12%+ of the state-wide community solar pipeline in our portfolio, this relationship in no small way supports the State's goal of carbon neutrality by 2050 and environmental justice for all."
"Omni is excited to embark on this enterprise with OYA and to employ its experience in leasing, permitting, interconnection analysis, environmental review, and other due diligence leading to the construction phase of solar projects," says Suki Singh, President and CEO of Omni. "OYA is a dynamic company with a realizable vision to vastly expand renewable energy projects across the US and beyond and Omni is delighted to be working with them to achieve the mission of reducing carbon emissions and combatting climate change."
Not limiting their relationship to New York, OYA and OMNI expect to further collaborate on portfolios in Massachusetts and New York, the Mid-Atlantic states of Virginia and Pennsylvania, and as far south as New Mexico, all of which align with OYA's commitment to environmental justice. Notably, New Mexico, Pennsylvania, and Virginia are proving to be strong emerging community solar markets, fuelled in part by policies that prioritize expanded access to the benefits of solar energy to everyone.
About OYA Solar
OYA Solar is a North American full-service solar developer committed to developing, constructing, 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 2 GW, OYA Solar is proud to be contributing to a better future.
SOURCE OYA Solar