Greenbacker Adds $15M to $950M Funding for 674-MW Cider Solar Farm in New York
Greenbacker Renewable Energy has added another financial piece of its nearly $1 billion investment package to build the biggest utility-scale solar farm in New York state history.
The Cider Solar project in Genesee County spans 2,500 acres and, once operational, should generate close to 1 million MWh of carbon-free electricity per year. Primary investor and developer Greenbacker initiated construction on Cider this year and it is expected to be completed by late 2026.
Amalgamated Bank closed on its $15 million commitment to the $950 million whole of the Cider financing.
“The Cider project and associated financing, including the new partnership with Amalgamated Bank, underscores Greenbacker’s commitment to building a more resilient energy system in New York,” said Carl Weatherley-White, Greenbacker’s interim Chief Financial Officer, in a statement. “Together we are driving forward a sustainable future that delivers affordable, homegrown, clean power and meaningful economic benefits to local communities.”
The Cidar Solar Farm was initially developed by Hecate Energy. Its early construction phase, which was announced last month, will focus on civil and mechanical activities like placing steel pilings and racking for the solar modules. Full construction is happening by this summer, the developers say.
Spread out across 2,500 acres on some 60 parcels of private land north of the Elba and Oakfield villages, Cider Solar will utilize ground-mounted PV panels on galvanized steel tracker racking structures, according to Hecate Energy. All phases of construction should be under way this summer, including the electrical writing and high-voltage utility interconnection infrastructure.
Greenbacker acquired the Cider Solar project from Hecate Energy in January. The earliest permits were decided several years ago, but the final permits to build arrived earlier this year from the New York Office of Renewable Energy Siting and Transmission.
Cider is expected to deliver enough electricity to power the equivalent of 120,000 homes. Since 2016, Greenbacker’s portfolio has produced over 12 million MWh of clean energy and abated more than 8 million metric tons of carbon, highlighting its commitment to energy transition investments across the country.
Overall, New York has more than 6.8 GW in solar PV capacity across 247,000 residential, community, industrial, commercial and utility-scale solar installations. The Solar Energy Industries Association (SEIA) ranks New York state 9th for total installed capacity, which accounts for nearly 6% of the total electricity resource mix.
