Oya Renewables Development LLC, a Boston-based solar developer focused on community solar and utility-scale projects with operations across North America, filed for Chapter 11 protection along with seven affiliated project entities on November 6, 2024 in the District of Delaware (Case No. 24-12574). At filing, the company carried approximately $86.8 million in funded secured debt from GDEV, Carval, City National Bank, and Greenbacker facilities, plus protective advances aggregating $7.8 million in late 2024. The filings cited project development delays, modeling errors (Rosewood project), defaults under secured facilities, and liquidity constraints. The company obtained a $6 million DIP facility from Radial OYA Energy 1 LLC with priming caps and maturity tied to plan effectiveness or asset sale closing. A robust 363 sale process yielded multiple buyers—Radial Power LLC (~$30M cash), UGE Capital LLC ($23M), GDEV OYA Lender I, LLC (credit/cash bids), and GF Kestrel Solar—with sale orders entered January-February 2025. The Joint Plan of Liquidation was confirmed April 22, 2025 and became effective April 24, 2025. Classes 1 and 2 (secured and priority) are unimpaired (100% recovery); Classes 3-7 are impaired, with equity at 0%.
