Greenbacker Renewable Energy Company LLC has completed a $440 million tax equity commitment from US Bank and M&T Bank for the 674 MWdc, or 500 MWac, Cider solar project located in Genesee county, New York. The financing represents the final funding component required to fully capitalise the project to bring it online, and will support the utilisation of investment tax credits. The project is expected to begin commercial operations in late 2026.
Greenbacker secured $950 million in aggregate financing to support the acquisition, construction, and operation of this Cider solar project in early 2025. This project was acquired from Hecate and was Greenbacker’s third such acquisition from the latter. Prior to this, Greenbacker got $869 million financing composed of a construction-to-term loan, a tax equity bridge loan, and letters of credit, and another $81 million development loan with Voya Investment Management. Upon completion, Cider is expected to generate sufficient clean electricity to supply approximately 120,000 homes annually.
In January 2026, Greenbacker announced the sale of a 237 MW solar and storage portfolio to Altus Power as part of its strategy to optimise its renewable energy fleet. The portfolio comprises more than 100 solar and storage projects spread across 18 US states. The transaction was supported by KeyBanc Capital Markets as the exclusive financial advisor.
REGlobal’s Views: Spread over 2,500 acres, Cider solar project is one of the largest such projects in New York state. The state has a goal of a zero-emission electricity sector by 2040, including 70 percent renewable energy generation by 2030. The state has already made unprecedented investments of over $35 billion in 120 large-scale renewable and transmission projects across the state.