WWW.RENEWABLEENERGYWORLD.COM
Greenbacker, an independent power producer and energy transition-focused investment manager, has announced it has secured a whole bunch of its namesake. $950 million, to be exact, in aggregate financing to support the acquisition, construction, and operation of its largest clean energy project to date.
Greenbacker’s largest-ever project financing will go toward the 674 MWdc / 500 MWac utility-scale Cider Solar Farm, which will also be the largest solar project in New York state.
Cider will utilize approximately 2,500 acres of land in Genesee County, where it began construction in late 2024. The project is expected to generate enough annual clean electricity to power approximately 120,000 average New York households.
Greenbacker acquired Cider from Hecate Energy, one of the largest renewable energy developers in the US. The two companies initially entered into a development partnership in 2021 to bring the project through development, financing, and the commencement of construction.
Following the acquisition, Greenbacker closed on an $869 million financing composed of a construction-to-term loan, a tax equity bridge loan, and letters of credit. Greenbacker also successfully closed on an $81 million development loan with Voya Investment Management. The development loan with Voya IM was utilized to support Cider’s late-stage development, preliminary construction activities, and equipment procurement.
“Greenbacker has called New York home for 14 years, and we’re proud to be both the owner of the largest solar energy project in the state’s history and a driving force in accelerating its ambitious clean energy goals,” said Charles Wheeler, CEO of Greenbacker. “This substantial achievement-the result of successful collaboration across a group of top-tier institutions, including our long-time development partner Hecate-will create hundreds of green jobs, deliver affordable clean power, and help continue to build a sustainable future for New Yorkers.”
Cider also marks the third clean energy collaboration between Greenbacker and Hecate. Over the past several years, Greenbacker has acquired over 70 MWac of utility-scale solar in New York from the developer.
“Greenbacker’s successful closing on this development loan facility and the bank syndicate’s construction and long-term facility is a pivotal achievement for our organization,” said Carl Weatherley-White, Greenbacker’s Head of Capital Markets. “Finalizing $950 million in capital to build the largest solar project in New York is a testament to the deep expertise and dedication of all parties involved.”
As of September 2024, Greenbacker’s fleet of clean energy projects has produced over 10 million MWh of clean energy since 2016, per the company.
