Greenbacker Secures $950m for New York’s largest solar project

Greenbacker Renewable Energy Company, a renewable energy producer and investment manager, has secured $950 million in financing to support the development of its largest clean energy project to date. The 674 MWdc / 500 MWac utility-scale solar farm, known as “Cider,” will be the largest solar installation in New York State upon completion.

Greenbacker acquired the Cider project from Hecate Energy LLC, a leading US renewable energy developer. The two companies partnered in 2021 to advance the project through development, financing, and the start of construction. 

The financing includes a $869 million package comprising a construction-to-term loan, a tax equity bridge loan, and letters of credit, arranged by a syndicate of six major financial institutions, including MUFG, KeyBanc Capital Markets, ING, Intesa Sanpaolo, Societe Generale, and Wells Fargo.  It also includes a $81 million development loan provided by Voya Investment Management to fund late-stage development, initial construction, and equipment procurement. 

The financing represents Greenbacker’s largest project funding to date and is a major step forward in scaling up renewable energy infrastructure in the United States.

Construction of the Cider solar farm began in late 2024 on approximately 2,500 acres in Genesee County, New York. Once operational, the project is expected to generate enough clean electricity annually to power around 120,000 average New York households. 

“This will create hundreds of green jobs, provide affordable clean power, and help advance New York’s ambitious renewable energy goals,” said Charles Wheeler, CEO of Greenbacker.

“Hecate is proud to partner with Greenbacker once again on this landmark project, which reflects our shared commitment to building impactful renewable energy infrastructure,” said Nick Bullinger, COO of Hecate Energy.

MUFG and KeyBanc Capital Markets served as Co-Documentation and Co-Administrative Agents, with ING, Intesa Sanpaolo, and Societe Generale acting as Bookrunners and Co-Syndication Agents. Greenbacker was advised by Sheppard Mullin and Barclay Damon, while Hecate was represented by Winston & Strawn LLP. Additional counsel for the bank syndicate included Winston & Strawn LLP and Rath, Young, and Pignatelli, PC.

“This transaction demonstrates our ability to execute complex financing deals while aligning with our mission to build a sustainable energy future,” said Carl Weatherley-White, Head of Capital Markets at Greenbacker. 

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