Greenbacker secures US$1 billion to acquire 500MW New York solar project

Facebook
Twitter
LinkedIn
Reddit
Email
Greenbacker said this is its largest project financing to date. Image: Greenbacker.

Independent power producer (IPP) Greenbacker Renewable Energy has secured US$950 million in aggregate financing to support the acquisition, construction and operation of a 500MWac solar PV power plant in the state of New York, US.

The Cider solar PV plant, as it has been named, was acquired from US renewable energy developer Hecate Energy following a development partnership in 2021 and will be located in Genesee County, to the west of the state near the border with Canada. Once completed, the Cider PV plant will be the largest in the state, Greenbacker claims.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The project was awarded contracts under the New York State Energy and Research Development Authority’s (NYSERDA) 2023 Tier 1 Renewable Energy Standard solicitation last year.

Greenbacker’s financing comes from several agreements. The first is a US$81 million development loan secured from asset manager Voya Investment Management. The loan is set to support Cider’s late-stage development, preliminary construction activities, and equipment procurement.

The IPP also confirmed that it had closed a US$869 million financing composed of a construction-to-term loan, a tax equity bridge loan and letters of credit.

Six coordinating lead arrangers, including MUFG, KeyBanc Capital Markets, ING Capital LLC, Intesa Sanpaolo’s New York branch, Societe Generale and Wells Fargo, collectively led the financing.

Collectively, this comes to just short of US$1 billion in finance raised for the Cider project and represents Greenbacker’s largest project financing to date.

Charles Wheeler, CEO of Greenbacker, said the project financing is a “substantial achievement” with collaboration at the heart of the development.

“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,” Wheeler said.

21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

October 8, 2025
The NSW Independent Planning Commission has granted planning approval for Potentia Energy's 500MW Tallawang solar-plus-storage project.
October 8, 2025
US solar module prices jumped in Q3 2025 as developers scrambled to meet the 2 September 2025 safe harbour deadline for Investment Tax Credit (ITC) qualification, according to supply chain platform Anza.
October 8, 2025
Despite policy headwinds on the federal level, there is optimism for the future of the US solar and storage sector.
October 8, 2025
Officials from Norway and Egypt have agreed provisional terms for the financing of the Dandara solar park in Egypt, which is being built and operated by Norwegian IPP Scatec.
October 8, 2025
Saatvik Green Energy has secured new solar PV module orders worth more than INR7 billion (US$84 million), to be delivered in this financial year.
October 8, 2025
Frontier Energy plans to expand its Waroona Renewable Energy Project into a renewable energy precinct by 2031, targeting up to 1GW solar.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK