The funds will support a 674 MW solar project developed by Hecate Energy.
Greenbacker Renewable Energy, a publicly reporting, non-traded limited liability infrastructure company, announced it has secured $869 million in construction-to-term, letter of credit and tax equity bridge loan financing.
The funds are intended to support the development of the largest solar project in New York state. The Cider Solar project is a 674 MWdc utility-scale solar project, large enough to produce the equivalent electricity demand of 120,000 New York homes.
The project, which commenced construction in late 2024, is designed to occupy 2,500 acres of land in Genesee County. An agrivoltaics (pairing agriculture with solar) integration plan is currently in development, and Hecate intends to set aside an initial area of approximately 300 acres for dual-use agricultural purposes including sheep grazing.
Cider Solar was developed by Hecate Energy and acquired by Greenbacker. The two companies initially entered into a development partnership in 2021 to bring the project through development, financing and the commencement of construction.
The project expands on previous collaborations between the two companies. Greenbacker has acquired over 70 MWac of utility-scale solar in New York from Hecate over the past several years. Hecate Energy was founded in 2012 and has developed over 4.1 GW of projects to construction or operations.
The financing was led collectively by six lead arrangers: MUFG, KeyBanc Capital Markets, ING Capital LLC, Intesa Sanpaolo S.p.A., New York Branch, Societe Generale, and Wells Fargo.
It also secured an additional $81 million development loan facility from a global investment manager, bringing total project funding to $950 million. The development loan with Voya IM was utilized to support Cider’s late-stage development, preliminary construction activities, and equipment procurement.
“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,” said Charles Wheeler, chief executive officer, Greenbacker.
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.
Read more about expected community benefits from the Cider Solar project here.
