US independent power producer (IPP) Greenbacker has raised US$440 million to support the development of the 674MW Cider solar project, which will be the largest in the US state of New York once operational.
Greenbacker expects to begin commercial operations at the project in “late 2026”. The latest round of financing comprises a tax equity commitment from U.S. Bank and M&T Bank, and comes one year after Greenbacker started construction on the project.
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“This transaction represents best-in-class execution across a highly complex financing structure,” said Carl Weatherley-White, Greenbacker CFO. “The tax equity commitment meaningfully optimises Cider’s capital stack and completes the final piece of financing required to advance the project to commercial operation.”
The closing of the deal brings the total money raised by Greenbacker for the Cider project to over US$1 billion, following its raising of US$950 million last January to support initial construction work. In the months since, Greenbacker has divested from other assets, including selling a 234MW portfolio to commercial and industrial (C&I) developer Altus Power.
These project investments and acquisitions come at a time of “clear cooling” of interest in equity investments in US renewables, according to attendees of Solar Media’s Solar Finance & Investment Europe event, held last week in London. The panel discussion focused on how the US has, for the first time, been exposed to country risk due to the policy upheavals of the last year.
