Greenbacker’s Cider solar project earns 2024 Solar Deal award

Greenbacker Renewable Energy Company, a US-based renewable energy investor, announced its Cider solar project in New York won the 2024 North American Solar Deal of the Year. The 674 MW DC / 500 MW AC utility-scale project features a $951 million financing package, including a $418 million tax equity bridge loan and $373 million construction-to-term loan. According to Greenbacker, the deal also includes $79 million in letters of credit and $81 million in mezzanine development financing. The structure incorporates one of the earliest tax credit transfer bridge loans, along with hedges and dual-tranche facilities. Acquired from Hecate Energy, the project began construction in November 2024 and targets commercial operation by late 2026. Greenbacker said the project will generate enough clean energy for over 120,000 homes and contribute $100 million in local tax revenue.