Greenbacker secures financing to support New York’s largest solar project

Greenbacker acquired Cider from Hecate Energy LLC, one of the largest renewable energy developers in the US. The two companies initially entered into a development partnership in 2021 to bring the project through development, financing, and the commencement of construction.

Following the acquisition, Greenbacker closed on an US$869 million financing composed of 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 LLC, Intesa Sanpaolo S.p.A., New York Branch, Societe Generale, and Wells Fargo. MUFG and KeyBanc Capital Markets served as the Co-Documentation Agents and Co-Administrative Agents; ING, Intesa Sanpaolo, and Societe Generale, served as Co-Syndication Agents; ING and Wells Fargo served as Co-Green Structuring Agents. ING, Intesa Sanpaolo, and Societe Generale acted as Bookrunners.

Greenbacker also successfully closed on an US$81 million development loan with Voya Investment Management. The development loan with Voya IM was utilised to support Cider’s late-stage development, preliminary construction activities, and equipment procurement.

With committed funds totaling nearly US$1 billion, Cider represents another milestone for Greenbacker – its largest project financing to date.

“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, CEO of Greenbacker. “This substantial achievement – the result of successful collaboration across a group of top-tier institutions, including our long-time development partner Hecate – will create hundreds of green jobs, deliver affordable clean power, and help continue to build a sustainable future for New Yorkers.”

Cider also marks the third clean energy collaboration between Greenbacker and Hecate. Over the past several years, Greenbacker has acquired over 70 MWac of utility scale solar in New York from the developer.

“Hecate is proud to once again partner with Greenbacker to complete the development of the Cider Project, which represents a landmark accomplishment for renewable energy development in the state,” said Nick Bullinger, Hecate’s Chief Operating Officer. “This project embodies Hecate’s mission to make impact at scale building out clean generation to power our future.”

“This is the latest in a long history of project financing transactions with Greenbacker, highlighting our ongoing commitment to deploying capital with high-quality partners to help grow the clean energy industry,” added Gregory Berman, Director KeyBanc Capital Markets.

“This transaction reflects our strong partnership with Greenbacker, belief in its sustainability mission, and commitment to advancing clean energy in New York and nationwide,” commented Alberto Mihelcic Bazzana, Director at MUFG.

Cider will utilise approximately 2500 acres of land in Genesee County, where it began construction in late 2024. The project is expected to generate enough annual clean electricity to power approximately 120 000 average New York households.

“Greenbacker’s successful closing on this development loan facility and the bank syndicate’s construction and long-term facility is a pivotal achievement for our organisation,” concluded Carl Weatherley-White, Greenbacker’s Head of Capital Markets. “Finalising US$950 million in capital to build the largest solar project in New York is a testament to the deep expertise and dedication of all parties involved.”

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.

For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.

Energy Global's Winter 2024 issue

Don’t miss out on our last issue of the year! The Winter issue of Energy Global is out now; this issue kicks off with a guest comment from Veronica Maxted, Director of Renewables at RS Group before moving on to a regional report on the current state of the renewables industry in North America. This edition of the magazine also explores key topics such as inspection and maintenance, solar optimisation, energy storage technology, geothermal drilling and operations, and much more. With contributions from key industry leaders such as Viridien, Hexagon, DNV Energy Systems, and Halliburton, among others, dive into the issue and see what you could learn.

Read the article online at: https://www.energyglobal.com/solar/28012025/greenbacker-secures-financing-to-support-new-yorks-largest-solar-project/