Greenbacker Renewable Energy Company LLC (“Greenbacker”), an independent energy producer and investment manager specializing in energy transition, has reached a significant milestone with the completion of $950 million in financing for its largest project to date. The 674 MWdc solar park, named “Cider,” will be the largest ever built in New York State.
The project, located in Genesee County, is based on a strategic collaboration between Greenbacker and Hecate Energy LLC (“Hecate”), one of the largest renewable energy developers in the United States. Greenbacker acquired “Cider” after a development phase initiated in 2021 by Hecate. This partnership enabled the securing of large-scale funding from a consortium of banks and institutional investors.
Major financial players involved
The main financing, amounting to $869 million, includes a construction-to-term loan, a tax equity bridge loan, and letters of credit. These funds were provided by six international banks, including MUFG, KeyBanc Capital Markets, ING Capital LLC, Intesa Sanpaolo, Société Générale, and Wells Fargo. These institutions played key roles as structuring agents and syndicators, solidifying their partnership with Greenbacker.
Additionally, Voya Investment Management granted an $81 million loan to support late-stage development, preliminary construction activities, and equipment procurement. These financial commitments, totaling nearly $1 billion, make “Cider” a major milestone in the clean energy sector.
Energy ambitions for New York
With an expected capacity of 674 MWdc (500 MWac), the “Cider” solar park will generate enough electricity to power 120,000 households annually. The project will span approximately 2,500 acres and is expected to create hundreds of local jobs while supporting New York State’s ambitious energy goals.
This project also marks the third collaboration between Greenbacker and Hecate. The two companies have already developed over 70 MWac of utility-scale solar projects in the region.
An iconic project for investors
According to Charles Wheeler, CEO of Greenbacker, this achievement reflects the company’s commitment to clean energy and its growing role in energy transition. “This financing, the result of a successful collaboration with leading institutions, will strengthen our ability to deliver affordable and sustainable energy to New Yorkers,” he stated.
Leaders from the participating banks, such as KeyBanc and MUFG, also highlighted the strength of their partnership with Greenbacker while emphasizing their commitment to advancing renewable energy growth nationwide.
A milestone in renewable energy financing
This project highlights the evolution of financing mechanisms in the renewable energy sector, where large-scale financial consortia play a central role. It also underscores the growing importance of energy transition in the priorities of institutional investors and international banks.
Relying on complex financing structures and strategic partnerships, Greenbacker continues its large-scale development, solidifying its position as a key player in the sector.
