Greenbacker Secures $950 Million for New York’s Largest Solar Project

Greenbacker Secures $950 Million for New York’s Largest Solar Project

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Greenbacker Renewable Energy Company LLC (“Greenbacker”) has secured $950 million in financing to support the acquisition, construction, and operation of its largest clean energy project to date. The 674 MWdc / 500 MWac utility-scale solar farm, named Cider, will be the largest solar project in New York State.

Greenbacker acquired Cider from Hecate Energy LLC, following a development partnership initiated in 2021. Construction began in late 2024 on approximately 2,500 acres in Genesee County, with the project expected to power 120,000 New York households upon completion.

The financing includes an $869 million construction-to-term loan, a tax equity bridge loan, and letters of credit, arranged by six financial institutions, including MUFG, KeyBanc Capital Markets, ING Capital LLC, Intesa Sanpaolo, Societe Generale, and Wells Fargo. Additionally, Greenbacker secured an $81 million development loan from Voya Investment Management to support late-stage development, early construction, and equipment procurement.

Charles Wheeler, CEO of Greenbacker, emphasized the company’s commitment to advancing clean energy in New York:
“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.”

Cider marks the third collaboration between Greenbacker and Hecate Energy, following the acquisition of over 70 MWac of solar capacity in New York in previous years. The project is expected to create hundreds of green jobs and significantly contribute to the state’s renewable energy targets.

Field Details
Country United States
Location Genesee County, New York
Size (MW) 674 MWdc / 500 MWac
Name of developer Greenbacker Renewable Energy Company LLC
Start of construction Late 2024
Planned start of operation TBD
Notable Details Largest solar project in New York; expected to power 120,000 homes; secured $950M in financing; partnership with Hecate Energy; 2,500-acre site.
Source Greenbacker Capital Press Release
Image: Andreas Gücklhorn (03.02.2025)

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