Greenbacker Renewable Energy Company LLC has secured $950 million in financing to support the acquisition, construction, and operation of the largest solar farm in New York State, the Cider Solar Farm. Once completed, the utility-scale project will have a nameplate capacity of 674 MWdc (500 MWac).
The project was originated through Greenbacker’s partnership with Hecate Energy LLC (“Hecate”), a leading U.S. renewable energy developer. Their collaboration, initiated in 2021, advanced Cider through development, financing, and early construction stages. Greenbacker has now fully acquired the project from Hecate.
“Greenbacker has called New York home for 14 years, and we’re honored to own the largest solar project in the state’s history,” said Charles Wheeler, CEO of Greenbacker. “This milestone reflects the collaboration of top-tier institutions and our trusted partner, Hecate. It will deliver affordable clean power, create hundreds of green jobs, and accelerate New York’s clean energy goals.”
Financial Partners
To finance the acquisition, construction, and operations, Greenbacker secured US$869 million through a combination of loans and credit facilities from six Coordinating Lead Arrangers: MUFG, KeyBanc Capital Markets, ING Capital LLC, Intesa Sanpaolo, Societe Generale, and Wells Fargo. Besides this, it had an $81 million development loan from Voya Investment Management that was critical to completing development and providing the necessary equipment.
Cider Solar Farm is the third facility developed by Hecate for Greenbacker. Overall, Greenbacker has acquired more than 70 MWac of New York solar capacity from the developer over a number of years. “Cider is a landmark accomplishment in renewable energy development for New York and realizes Hecate’s mission to build impactful clean energy solutions for the future,” says Nick Bullinger, COO of Hecate.
Ground broke late in 2024 for construction at the 2,500-acre site in Genesee County, N.Y. Upon first power, Cider is projected to power approximately 120,000 homes across New York every year.
“This financing demonstrates our ongoing dedication toward a more sustainable future with continued emphasis on strategic partners,” said Alberto Mihelcic Bazzana, director at MUFG. Gregory Berman, Director at KeyBanc Capital Markets, stated that this project exemplifies our deep commitment to continuing clean energy expansion along with highly regarded counterparties such as Greenbacker.
Greenbacker’s Future Prospect
The efforts of Greenbacker toward a sustainable future do not stop here. Its portfolio of renewable energy projects, as of September 2024, has produced in excess of 10 million MWh of clean electricity and avoided over 7 million metric tons of carbon emissions.
In fact, the Cider Solar Farm, set to be New York’s largest solar project not only pushes the envelope in New York’s clean energy landscape but also secures Greenbacker’s position as one of the leading firms in sustainable energy investment and innovation.
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Cider Solar Farm: New York’s Largest Solar Project
Project Overview
Name: Cider
Location: Genesee County, New York
Status: Under construction (commenced late 2024)
Owner: Greenbacker Renewable Energy Company LLC
Developer: Hecate Energy LLC
Technical Specifications
Capacity: 674 MWdc / 500 MWac
Land Use: Approximately 2,500 acres
Expected Annual Output: Sufficient to power ~120,000 New York households
Financial Details
Total Financing Package: $950 million, consisting of:
$869 million construction and term financing led by six major banks
$81 million development loan from Voya Investment Management
Key Features
Largest solar project in New York state history
Third collaboration between Greenbacker and Hecate
Creates hundreds of green jobs
Contributes to New York’s clean energy goals
Lead Financial Partners
MUFG
KeyBanc Capital Markets
ING Capital LLC
Intesa Sanpaolo
Societe Generale
Wells Fargo
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