Greenbacker Renewable Energy Company (Greenbacker), an independent power producer and energy transition-focused investment manager, has secured $950 million in aggregate financing to support the acquisition, construction, and operation of its largest clean energy project to date.
When complete, the 674 MWdc / 500 MWac utility-scale solar farm – Cider – will be the largest solar project in the state of New York.
Greenbacker acquired Cider from Hecate Energy (Hecate), 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. The financing was led collectively by six Coordinating Lead Arrangers: MUFG, KeyBanc Capital Markets, ING Capital LLC (ING), Intesa Sanpaolo S.p.A., New York Branch (Intesa Sanpaolo), Societe Generale, and Wells Fargo.
MUFG and KeyBanc Capital Markets served as the Co-Documentation Agents and Co-Administrative Agents; ING, Intesa Sanpaolo, and Societe Generale, served as Co-Syndication Agents; ING and Wells Fargo served as Co-Green Structuring Agents. ING, Intesa Sanpaolo, and Societe Generale acted as Bookrunners.
Greenbacker also successfully closed on an $81 million development loan with Voya Investment Management (Voya IM). The development loan with Voya IM was utilized to support Cider’s late-stage development, preliminary construction activities, and equipment procurement.
With committed funds totaling nearly $1 billion, Cider represents another milestone for Greenbacker—its largest project financing to date.
Charles Wheeler, CEO, Greenbacker, said: “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. 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.
Nick Bullinger, COO, Hecate, said: “Hecate is proud to once again partner with Greenbacker to complete the development of the Cider Project, which represents a landmark accomplishment for renewable energy development in the state. This project embodies Hecate’s mission to make impact at scale building out clean generation to power our future.”
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.
Carl Weatherley-White, Head of Capital Markets, Greenbacker, said: “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 “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.”
Sheppard Mullin and Barclay Damon served as counsel for Greenbacker; Winston & Strawn LLP served as counsel for Hecate; Winston & Strawn LLP and Rath, Young, and Pignatelli, PC served as counsel for the bank syndicate; Latham & Watkins LLP served as counsel for Voya.