Greenbacker Renewable Energy announced it has closed a $440 million tax equity commitment for the Cider Solar project. The financing was provided by U.S. Bank and M&T Bank.
The commitment is the final source of funding needed to complete the project. It follows a nearly $1 billion financing round secured by the company last year.
Tax equity remains a critical tool for U.S. renewable energy, allowing developers to exchange federal tax credits for upfront project capital. This financing structure helps offset high initial construction costs while providing stable returns for large financial institutions.
Cider Solar is a 674 MW utility-scale project located in Genesee County, New York. Once complete, it will be the largest solar farm in the state. It is expected to produce enough electricity to power about 120,000 homes.
“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.”
The project is currently under construction and is expected to reach commercial operation by late 2026.
Greenbacker acquired the project from Hecate Energy. The site spans approximately 2,500 acres. It includes an agrivoltaics plan, which will use 300 acres for sheep grazing alongside the solar panels.
The project is expected to create hundreds of construction jobs. It is also projected to generate $100 million in local revenue through property taxes and community agreements over its life.
“This transaction represents best-in-class execution across a highly complex financing structure,” said Carl Weatherley-White, chief financial officer of Greenbacker.
Several law firms and advisors supported the deal. Sheppard Mullin and Barclay Damon served as counsel for Greenbacker. Milbank and Rath, Young and Pignatelli served as counsel for the tax equity partners. CRC-IB acted as the financial advisor to Greenbacker.
Greenbacker has been active in New York for 14 years. The company operates as an independent power producer and investment manager focused on the energy transition.
The project adds significant capacity to a state that has consistently been a top U.S. solar market. According to the Solar Energy Industries Association (SEIA), New York currently ranks 8th in the nation for total solar capacity, with over 7.4 GW installed through late 2025.
Among the states, in terms of installed capacity, New York ranks:
- Residential: 5th in the nation
- Non-residential (Commercial/Community Solar): 2nd in the nation
- Utility-scale: 33rd in the nation
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