Greenbacker and Hecate have completed the 674 MW DC Cider solar farm in New York, spanning 2,500 acres in Genesee County
The project has secured $950 million in financing, including $869 million in loans and an $81 million development loan from Voya Investment Management
It is expected to generate electricity for approximately 120,000 homes
Independent power producer (IPP) and investment manager Greenbacker Renewable Energy Company, in partnership with Hecate Energy, has completed the development of its largest clean energy project, a 674 MW DC / 500 MW AC solar farm named Cider. The project will be the largest solar installation in the state of New York. After initially partnering in 2021 to advance the project through development, financing, and construction, Greenbacker acquired Cider from Hecate.
Greenbacker has announced securing $950 million in aggregate financing to support the project. This includes an $869 million package consisting of a construction-to-term loan, tax equity bridge loan, and letters of credit, arranged by 6 financial institutions: MUFG, KeyBanc Capital Markets, ING Capital, Intesa Sanpaolo, Societe Generale, and Wells Fargo. An $81 million loan from Voya Investment Management funded development and equipment. The project spans 2,500 acres in Genesee County, New York. Construction began in late 2024 and will eventually power 120,000 homes and create hundreds of jobs.
According to a recent report from the New York State Energy Research and Development Authority (NYSERDA), solar is the largest source of renewable electric power generation employment(see North America Solar PV News Snippets).