Greenbacker Secures Funding for nearly $1B Cider Solar Project in Western New York
The independent power producer arm of sustainability investment firm Greenbacker Capital has secured $950 million to fund acquisition and construction of the Cider solar farm in New York state.
The Cider solar energy capacity is rated at 674 MW direct current and 500 MW alternating current. Planners have called it the largest solar farm to be built in New York so far.
Greenbacker Renewable Energy Co. acquired Cider from Hecate Energy. Initially, the two companies entered into a development partnership to bring the project through development, financing, and the commencement of construction.
Greenbacker closed on $869 million in financing composed of a construction-to-term loan, a tax equity bridge loan, and letters of credit after the acquisition. The financing was led collectively by six coordinating lead arrangers: MUFG, KeyBanc Capital Markets, ING Capital (ING), Intesa Sanpaolo, New York Branch (Intesa Sanpaolo), Societe Generale, and Wells Fargo.
Additionally, Greenbacker closed an $81 million development loan with Voya Investment Management (Voya IM). The development loan was used to support Cider’s late-stage development, preliminary construction activities, and equipment procurement.
“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.”
The Cider solar farm 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.
The solar output presumably will interconnect into the New York ISO system.
As of October 2024, the state of New York reported six GW of installed distributed solar, according to reports. New York is a national leader in community solar installation.
