Greenbacker Builds New York’s Largest solar Farm with $950 Million in Financing
Greenbacker Renewable Energy Company LLC is making waves in New York’s clean energy landscape with its most ambitious project to date: the Cider solar farm. This 674 megawatt DC (MWdc) / 500 megawatt alternating current (MWac) facility, located in Genesee County, will become the largest solar installation in the state upon completion.
Greenbacker acquired the project from Hecate Energy LLC, a leading renewable energy developer, in 2021. This marks the third clean energy project collaboration between the two companies, further solidifying their commitment to powering New York’s future with clean energy. Greenbacker has acquired over 70 MWac of utility-scale solar from Hecate in New York in recent years.
“Greenbacker has called New York home for 14 years, and we’re proud to be both the owner of the largest solar energy project in the state’s history and a driving force in accelerating its ambitious clean energy goals,” said Charles Wheeler, CEO of greenbacker. “This considerable achievement – the result of successful collaboration across a group of top-tier institutions, including our long-time development partner Hecate – will create hundreds of green jobs, deliver affordable clean power, and help continue to build a sustainable future for New Yorkers.”
Securing funding for this ambitious undertaking, Greenbacker achieved a significant milestone by obtaining a total of US$950 million in financing. This package includes an impressive US$869 million construction-to-term loan, a tax equity bridge loan, and letters of credit, led by six renowned coordinating lead arrangers: MUFG, KeyBanc Capital Markets, ING Capital LLC, Intesa Sanpaolo S.p.A., New York Branch, Societe Generale, and Wells Fargo. An additional US$81 million development loan with Voya Investment Management further supported the project’s late-stage development, preliminary construction, and equipment procurement.
Nick Bullinger,Hecate’s Chief Operating Officer,echoed the sentiment of shared accomplishment,stating,”Hecate is proud to once again partner with Greenbacker to complete the development of the Cider Project,which represents a landmark accomplishment for renewable energy development in the state. This project embodies Hecate’s mission to make impact at scale building out clean generation to power our future.”
This latest project exemplifies Greenbacker’s unwavering commitment to advancing clean energy solutions and building a sustainable future for generations to come.
Greenbacker Builds new York’s Largest Solar Farm
Greenbacker Renewable Energy company LLC has made a significant stride in New York’s renewable energy landscape with the development of the Cider solar farm, set to become the state’s largest solar facility. This ambitious project, aiming to generate enough clean energy to power approximately 120,000 average households annually, is poised to redefine the state’s energy future.
We sat down with Carl Weatherley-White, Head of Capital Markets at Greenbacker, to delve into the monumental project.
Launching a New Era of Renewable Energy in New York
“This project marks a meaningful milestone for Greenbacker, solidifying our commitment to advancing clean energy in New York,”
explained Weatherley-White. “The Cider project is truly game-changing. At 674 MWdc / 500 MWac, it will be the largest solar facility in New York State, capable of powering approximately 120,000 average households annually. It highlights our unwavering dedication to making a lasting positive impact on the environment and the communities we serve.
Collaboration Fuels Success
This venture represents a successful partnership with hecate Energy. “Our partnership with Hecate Energy has been invaluable,” shared Weatherley-White. “This marks our third project together, and their expertise in renewable energy development has been instrumental in bringing the Cider project to fruition. Their commitment to innovation and sustainability aligns perfectly with Greenbacker’s vision.”
Securing a Sustainable Future
The success of the Cider project hinges not only on technological advancements but also on strategic financial partnerships. Greenbacker recently secured a substantial US$950 million in capital to fund the project’s construction.
“Greenbacker’s successful closing on this development loan facility and the bank syndicate’s construction and long-term facility is a pivotal achievement for our institution,”
concluded Weatherley-White. “Finalizing US$950 million in capital to build the largest solar project in New York is a testament to the deep expertise and dedication of all parties involved.”
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Greenbacker: Powering a Sustainable Future
Greenbacker Renewable Energy, a leader in the renewable energy sector, recently secured a remarkable US$950 million in financing. This substantial investment underlines the strength of the company’s projects and the growing confidence investors have in clean energy solutions. According to Greenbacker’s CEO, “Securing US$950 million in financing is a testament to the strength of the project and the growing investor confidence in the renewable energy sector. This financing package, supported by leading financial institutions, empowers us to scale our clean energy initiatives and contribute to a more sustainable future.”
What sets Greenbacker apart in the competitive renewable energy landscape is its unwavering dedication to creating a lasting impact. The company believes in the transformative potential of clean energy and strives to make “a tangible difference.”
Looking ahead, Greenbacker envisions a future where clean energy is the cornerstone of a sustainable society. The company aims to play a pivotal role in this transition, contributing to a cleaner, healthier planet while concurrently creating economic opportunities and empowering communities.
“We see a future where clean energy is the cornerstone of a sustainable society. Greenbacker is poised to be a leading force in this transition, contributing to a cleaner, healthier planet while creating economic opportunities and empowering communities,”
Greenbacker’s CEO shared. “We are excited to continue pushing the boundaries of innovation and making a meaningful difference in the world through renewable energy.”
