Greenbacker secures $950M for 674 MW Cider solar project in New York

Hecate developed NY's largest solar project (674 MW), now financed by Greenbacker with $950M from Voya, MUFG, KeyBanc, ING, Intesa, Societe Generale & Wells Fargo.

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By Prudhvi Rani
New Update
Cider solar project secured $950M financing, spanned 2,500 acres in Genesee County, and was expected to generate power for 120,000 homes.

Cider solar project secured $950M financing, spanned 2,500 acres in Genesee County, and was expected to generate power for 120,000 homes. Image Credit/Source: Fabersam/Pixabay )

Greenbacker Renewable Energy and Hecate Energy are developing the 674 MW (DC) Cider solar farm in New York. After acquiring the project from Hecate, Greenbacker secured $950 million in financing for its acquisition and construction.The funding included $869 million in construction-to-term loans, tax equity bridge loans, and letters of credit. An $81 million development loan was secured from Voya Investment Management. The project covered 2,500 acres in Genesee County, was expected to power about 120,000 homes, and created hundreds of jobs after construction began in late 2024. This was the third clean energy collaboration between Greenbacker and Hecate. Legal advisors included Sheppard Mullin and Barclay Damon for Greenbacker, Winston & Strawn LLP for Hecate and the bank syndicate, Rath, Young, and Pignatelli, PC for the bank syndicate, and Latham & Watkins LLP for Voya Investment Management.  

Advertisment {'id': '679a67b3892ef341263aea0d', 'source_name': 'GlobeNewswire', 'source_link': 'https://www.globenewswire.com/news-release/2025/01/27/3015483/0/en/Greenbacker-secures-nearly-1-billion-financing-to-support-acquisition-and-construction-of-largest-solar-project-in-New-York-State.html', 'contact_name': 'Chris Larson, Alicia Faugier ', 'contact_email': '[email protected] , [email protected] ,'}
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