Greenbacker, an independent power producer and energy transition-focused investment manager, secured $440 million in tax equity financing from the U.S. Bank and M&T Bank for the 674 MWdc/500 MWac Cider solar project located in Genesee County, New York.
The project is expected to reach commercial operation in late 2026. Once completed, the project is expected to be the largest solar project in New York. It is projected to support hundreds of construction jobs and generate roughly $100 million in revenue to the local community over its operational lifespan through property taxes, host community agreements, and tax benefits.
This financing represents the final source of funding required to bring the Cider project online. It followed the company’s closing of $950 million in aggregate financing for the project in January 2025.
“The closing of this $440 million tax equity commitment marks a pivotal milestone for Greenbacker and for the Cider solar project,” said Daniel de Boer, Chief Executive Officer of Greenbacker. “With all key sources of capital secured, we are positioned to deliver one of the most impactful clean energy projects in New York State. This achievement reflects the strength of our partnerships, the quality of the Cider asset, and our continued commitment to building infrastructure that accelerates the energy transition while creating long-term value for our stakeholders.”
Sheppard Mullin and Barclay Damon served as counsel for Greenbacker, while Rath, Young, and Pignatelli served as counsel for the tax equity partners.
CRC-IB acted as advisor to Greenbacker, while Cornerstone Financial Advisors and CCA Capital served as the advisors for the tax equity partners.
Previously, the company sold a 237 MW portfolio comprising over 100 solar and storage projects across 18 states to Altus Power, a developer, owner, and operator of large-scale solar projects. Further, in 2025, Greenbacker divested a portfolio of 64 operating solar projects totaling 51.2 MW to CleanCapital, an independent power producer focused on distributed clean energy.
Large-scale solar project funding increased by 37% in 2025 compared with the funding raised in 2024, according to Mercom’s recently released Annual and Q4 2025 Solar Funding and M&A report.
