Greenbacker, an independent power producer and energy transition-focused investment manager, secured $950 million in aggregate financing for the 674 MWdc/500 MWac Cider solar project in Genesee County, New York. The funding will be used to acquire, construct, and operate the utility-scale solar project.
The construction of the project began in late 2024. According to Greenbacker, the project is expected to produce enough clean electricity to power approximately 120,000 households in New York and support hundreds of green jobs.
Greenbacker acquired the project from Hecate Energy, a renewable energy project developer in the U.S. The two companies entered a development partnership in 2021 for the development, financing, and commencement of construction of the project.
Following the acquisition, Greenbacker closed $869 million in financing, comprising 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, Intesa Sanpaolo, New York Branch, Societe Generale, and Wells Fargo.
In addition, the company also secured an $81 million development loan with Voya Investment Management, which will support the late-stage development, preliminary construction activities, and equipment procurement for the project.
Sheppard Mullin and Barclay Damon provided legal counsel to Greenbacker, while Winston & Strawn served as counsel for Hecate on the transaction. Winston & Strawn and Rath, Young, and Pignatelli, PC served as counsel for the bank syndicate, and Latham & Watkins served as counsel for Voya.
According to Mercom’s Annual and Q4 2024 Solar Funding and M&A report, large-scale project funding deals in 2024 totaled $53.8 billion in 259 deals, up from $44.5 billion raised in 229 deals in 2023.
Earlier this month, Origis Energy, a solar project developer, announced $415 million in financing to develop the 145 MW Swift Air solar project in Ector County, Texas. The funding package comprises construction, term debt, and tax equity financing.
