- Greenbacker secured $950 million to build a 674 MW DC solar park in New York, which will power 120,000 homes annually.
- Six international banks and Voya Investment Management provided nearly $1 billion in financing, marking a major renewable energy milestone.
- The “Cider” solar park, developed with Hecate Energy, will span 2,500 acres and create hundreds of local jobs.
Greenbacker Renewable Energy Company LLC has closed a $950 million deal to fund New York’s largest solar park. The 674 MWdc (500 MWac) project, called “Cider,” will power 120,000 homes annually and advance the state’s clean energy goals.
Located in Genesee County, Greenbacker and Hecate Energy LLC are developing the “Cider” project. Greenbacker acquired the project after Hecate initiated development in 2021. This partnership has already delivered over 70 MWac of regional solar projects. The solar park will cover 2,500 acres and create hundreds of construction jobs.
Six international banks—MUFG, KeyBanc Capital Markets, ING Capital LLC, Intesa Sanpaolo, Société Générale, and Wells Fargo—have provided $869 million in financing. The funding includes a construction-to-term loan, a tax equity bridge loan, and letters of credit.
Voya Investment Management added $81 million to the financing package to support late-stage development, early construction activities, and equipment procurement. Together, the total funding for the project approaches $1 billion.
Charles Wheeler, CEO of Greenbacker, highlighted the deal’s significance. “This financing strengthens our ability to deliver clean energy to New Yorkers and reaffirms our commitment to sustainable energy,” Wheeler said.
Leaders from the participating banks emphasized their support for renewable energy, underscoring the critical role of large-scale financing in advancing clean energy projects.
Greenbacker and Hecate have collaborated on three projects, reinforcing the importance of strategic partnerships in the energy transition. The banks involved acted as structuring agents and syndicators, reflecting their confidence in Greenbacker’s capability to execute large projects.
This project represents a key moment in renewable energy financing, as large institutional investors play an increasingly central role. Complex financing structures and partnerships drive clean energy growth.
By building the “Cider” solar park, Greenbacker strengthens its position as a leader in renewable energy. The project will significantly contribute to New York’s renewable energy targets while providing economic and environmental benefits.
The “Cider” project also highlights the evolution of renewable energy financing. Developers and financial institutions are joining forces to scale up clean energy projects and ensure long-term success.
Projects like “Cider” will be essential in the global energy transition as renewable energy grows. Greenbacker and Hecate’s partnership exemplifies how collaboration and innovative financing can drive large-scale sustainable development.