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The funds will support a 674 MW photovoltaic project by Greenbacker Renewable Energy, developed by Hecate Energy. Greenbacker Renewable Energy, a privately held limited liability infrastructure company, announced that it has secured $869 million in term construction financing, letters of credit and tax equity bridge loans. The funds are intended to support the development of the largest solar project in New York State. The Cider Solar project is a 674 MWdc utility-scale solar project, large enough to produce the equivalent electricity demand of 120,000 New York homes. The project, which is set to begin construction in late 2024, is designed to occupy 2,500 acres (1 acre = 0.40 hectares) of land in Genesee County. An agrivoltaic integration plan (pairing agriculture with solar energy) is currently in development, and Hecate intends to set aside an initial acreage of approximately 300 acres for dual-use agricultural purposes, including sheep grazing. Cider Solar was developed by Hecate Energy and acquired by Greenbacker. The two companies entered into a development partnership in 2021 to take the project through development, financing, and the start of construction. The project expands previous collaborations between the two companies. Greenbacker has acquired more than 70 MWac of utility-scale solar power in New York from Hecate in recent years. Hecate Energy was founded in 2012 and has developed more than 4.1 GW of projects to construction or operation. The financing was collectively led by six lead arrangers: MUFG, KeyBanc Capital Markets, ING Capital LLC, Intesa Sanpaolo SpA, New York Branch, Societe Generale and Wells Fargo. The company has also secured an additional $81 million development loan from a global investment manager, bringing total project funding to $950 million. The development loan with Voya IM was used to support the development of the final phase of Cider, preliminary construction activities and equipment acquisition. “Greenbacker has been in New York for 14 years, and we are proud to own the largest solar project in the state’s history and be a driving force in accelerating its ambitious clean energy goals,” said Charles Wheeler, CEO of Greenbacker. Sheppard Mullin and Barclay Damon advised Greenbacker; Winston & Strawn LLP advised Hecate; Winston & Strawn LLP and Rath, Young, and Pignatelli, PC advised the banking syndicate; Latham & Watkins LLP advised Voya. |
