Greenbacker Renewable Energy Company LLC has secured $950 million in financing to support the acquisition and construction of Cider, the largest solar project in New York State. The 674 MWdc / 500 MWac utility-scale solar farm is set to power over 120,000 homes and create hundreds of green jobs upon completion.

The project was acquired from Hecate Energy LLC, marking a significant milestone in the companies' ongoing partnership. The financing includes an $869 million construction-to-term loan, tax equity bridge loan, and letters of credit, facilitated by six financial institutions: MUFG, KeyBanc Capital Markets, ING Capital LLC, Intesa Sanpaolo S.p.A., Societe Generale, and Wells Fargo. In addition, an $81 million development loan from Voya Investment Management will support the final stages of the project's development.

Construction of the Cider solar farm began in late 2024 in Genesee County, and the project is expected to generate enough electricity to power 120,000 New York households annually.

With a combined $950 million in financing, Cider represents Greenbacker's largest project financing to date, demonstrating the company's strong commitment to New York's clean energy goals.

Source: greenbackercapital.com