Clean energy crowd-funding platform CoPower Inc has provided a $370,000 loan to support solar photovoltaic rooftop projects developed by OYA Solar Inc. Around a dozen individual investors placed capital into the loan through CoPower’s online platform. OYA, which is based in Windsor, Ontario, is building the solar projects, which include a 120 kW and a 48 kW installation located on two rooftops. CoPower’s latest investment follows its recent refinancing of an energy retrofit project at Toronto’s Harbourfront Centre. Founded last year, CoPower has its headquarters in Montréal.
Canada’s First Crowd-financed Solar Loan Completed
CoPower, an online platform for clean energy investing, has closed a $370,000 loan to Solar PV rooftop projects developed by OYA Solar, a leading global developer, integrator and financer of Solar PV projects.
This is the first solar loan in Canada to be completed via crowd-financing from investors across the country.
OYA Solar is building the solar project, which includes a 120 kW and a 48 kW installation located on two rooftops in Windsor, Ontario. All of the solar energy generated will be sold to the Ontario Power Authority under the provincial feed-in tariff program.
CoPower’s vetting and structuring of the deal made it easier for individuals to place capital in this opportunity. Investors will receive a fixed 6% annual return on the loan, after servicing fees.
“In today’s environment, investors want a solid yield and are increasingly interested in the social and environmental outcomes of their portfolio”, said David Berliner, CoPower CEO. “The CoPower platform helps open up these clean energy investment opportunities to more investors.”
According to OYA Solar’s Managing Partner Manish Nayar, “As a leader In the North American Solar PV industry, we are interested in new funding models, like crowd-financing. These vehicles will ultimately allow us to correctly price the true cost of solar and further its mainstream adoption.”
CoPower recently announced the closing of its first investment, an energy efficiency loan at Harbourfront Centre in downtown Toronto, Ontario.
About a dozen private individuals placed capital into the loan. “We are now working on opening up the platform to more investors across Canada,” explained Raphael Bouskila, CoPower President.
About CoPower: CoPower is an online platform that allows Canadians to pool their money and invest in pre-vetted clean energy opportunities such as solar and energy efficiency systems. Investors receive solid financial returns, and make a positive impact on the environment and in their communities. Founded in 2013, CoPower has been featured at GLOBE2014, ZERO2014 and C2-MTL.
About OYA Solar: OYA Solar is a global developer, integrator and financer of Solar PV Projects. Founded in 2009, the firm’s principals have successfully developed and constructed over 100 MW of Solar PV projects. OYA’s core business consists of developing and financing distributed generation solar PV projects ranging in size from 100 kilowatts to 10 megawatts for commercial and government entities. OYA typically originates, develops, and finances these assets under long-term power purchase agreements.
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