Greenbacker Renewable Energy has secured $960m in financing to acquire the 500MW Cider solar farm, which will be New York state’s largest when completed.
The developer initially collaborated with Hecate Energy to develop the project starting in 2021.
Now Greenbacker has partnered with six of the world’s leading project finance banks and financial institutions to secure $869 million in construction-to-term, letter of credit, and tax equity bridge loan financing.
The developer has also partnered with a global investment manager for an additional $81 million development loan facility, the company said.
The solar farm will use approximately 2,500 acres of land in Genesee County, and began construction in late 2024.
Charles Wheeler, CEO of Greenbacker, said: “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.”
Hecate Chief Operating Officer Nick Bullinger 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.”
The financing was led by six coordinating lead arrangers: MUFG, KeyBanc Capital Markets, ING Capital LLC, Intesa Sanpaolo’s New York Branch, Societe Generale, and Wells Fargo.
The $81m development with Voya Investment Management is for Cider’s late-stage development, preliminary construction activities, and equipment procurement, the company said.