Greenbacker Renewable Energy has secured $950m in aggregate financing for its 674 megawatts defined conditions (MWdc)/500 megawatts alternating current (MWac) utility-scale Cider solar farm being developed in New York, US.
The project will be the state’s largest solar installation.
Go deeper with GlobalData
The financial closure includes an $869m package comprising a construction-to-term loan, a tax equity bridge loan and letters of credit.
The six coordinating lead arrangers who led this financing were ING Capital, Intesa Sanpaolo, KeyBanc Capital Markets, MUFG, Société Générale and Wells Fargo.
MUFG and KeyBanc Capital Markets acted as co-documentation and co-administrative agents, while ING, Intesa Sanpaolo and Société Générale served as co-syndication agents.
ING and Wells Fargo took on the roles of co-green structuring agents, and ING, Intesa Sanpaolo and Société Générale were the bookrunners.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataGreenbacker also closed on an $81m development loan with Voya Investment Management to support the late-stage development and preliminary construction activities at the Cider project, including equipment procurement.
The Cider solar project was acquired by Greenbacker from Hecate Energy. The partnership between the two companies began in 2021, aiming to advance the project through its development stages and into construction.
The solar farm will occupy roughly 2,500 acres in Genesee County. Construction on the project began construction in late 2024.
It will generate enough clean electricity annually to supply 120,000 average households in New York.
The solar farm marks the third clean energy collaboration between Greenbacker and Hecate.
Greenbacker has recently acquired more than 70MWac of utility-scale solar projects in New York from Hecate.
As of 30 September 2024, the company’s clean energy project fleet has generated more than ten million megawatt hours of clean energy since 2016, contributing to cuts of more than seven million tonnes of carbon emissions and supporting thousands of jobs in the green energy sector.
Legal counsel for the parties involved in the transaction were Sheppard Mullin and Barclay Damon for Greenbacker, Winston & Strawn for Hecate, Winston & Strawn and Rath, Young and Pignatelli PC for the bank syndicate, and Latham & Watkins for Voya.
