Greenbacker completes over $400 million in strategic portfolio refinancings, loan extensions, and construction loan upsizing, demonstrating strong banking relationships and capital markets capabilities
NEW YORK, NY, March 09 2026 — Greenbacker, an energy transition-focused investment manager and independent power producer, today announced the successful completion of over $400 million in strategic portfolio refinancings, loan maturity extensions, and construction loan upsizing. These capital markets transactions showcase Greenbacker’s financing capabilities, strong banking partnerships, and disciplined approach to optimizing capital efficiency across its renewable energy portfolio.
Greenbacker completes $188 upsize to the construction loan for the 674 MW Cider solar project – the largest in New York State.
The successful closing of the $440 million tax equity commitment unlocked additional borrowing capacity under the existing construction-to-term loan, letter of credit, and tax equity bridge loan commitment from approximately $665 million to $852 million, ensuring the sources of capital necessary to complete construction of Cider. Achieving this key financing milestone demonstrates Greenbacker’s capital market capabilities, as this closing required skillful coordination across ten banks and two tax equity investors. While this tax equity financing represents the final source of funding required to fully finance the project, it follows a series of successfully completed financings and significant construction milestones already achieved to date. Cider is expected to achieve commercial operation in late 2026.
$187 million in loan maturity extensions highlight banking community confidence
Greenbacker successfully extended maturities on over $187 million of financing across 86 MW of renewable energy assets, securing substantial runway to optimize cash flows and preserve liquidity.
The maturity extensions provide Greenbacker with structured flexibility to proactively manage its capital structure in an evolving interest rate environment while maintaining disciplined capital deployment across its portfolio. Importantly, the extensions were achieved without material changes to pricing or covenants, underscoring lenders’ confidence in Greenbacker.
“The willingness of our banking partners to extend these facilities on comparable terms demonstrates the quality of our assets and the strength of our balance sheet,” noted Armand G. Dehaney, Principal, Investments at Greenbacker.
$53 million portfolio refinancing reduces complexity and operational costs
Greenbacker completed a strategic refinancing of approximately $53 million of existing overdebt with KeyBanc Capital Markets, consolidating three separate loan facilities across three solar portfolios representing 104 MW of power generation capacity into a single, streamlined financing structure.
The three original loans—all previously financed with KeyBanc Capital Markets—were successfully consolidated into one facility, demonstrating Key’s confidence in Greenbacker’s credit profile and operational capabilities. The consolidation delivers significant operational benefits to Greenbacker and its shareholders:
- Reduced administrative burden: Consolidation from three separate facilities to one eliminates redundant reporting requirements, reducing the need for multiple annual audits, separate tax filings, and duplicative compliance processes.
- Lower operating costs: Streamlined structure materially reduces accounting, legal, and administrative expenses, directly benefiting shareholders through improved operational efficiency.
- Enhanced portfolio diversity: The consolidated facility provides greater flexibility and reduced credit concentration across Greenbacker’s renewable energy portfolio.
- Competitive terms: The new facility maintains competitive interest rates and terms consistent with the original three separate financings.
Leadership commentary
“The successful refinancing of the Gemstone portfolio in October 2025 underscores the strength of our longstanding relationship with Greenbacker Renewable Energy Corporation,” said Greg Berman, Managing Director, KeyBanc Capital Markets Utilities, Power & Renewable Energy Group. “This transaction reflects our shared commitment to disciplined capital structures and long-term value creation, and we look forward to our continued partnership as the company advances its renewable energy platform.”
“These transactions showcase Greenbacker’s capital markets capabilities and our strong relationships with leading financial institutions,” said Carl Weatherley-White, CFO at Greenbacker. “By consolidating multiple facilities and extending key maturities, we’re reducing operational complexity, lowering costs, and strengthening our financial position—all while maintaining competitive terms that reflect our lenders’ confidence in our business model. We remain committed to identifying and executing similar opportunities to optimize our capital structure and reduce costs across our renewable energy portfolio.”