Greenbacker completes $440 million tax equity financing for the 674 MW Cider solar project — the largest in New York State

NEW YORK, NY, February 10, 2026 —  Greenbacker Renewable Energy Company LLC (“Greenbacker”), an energy transition-focused investment manager and independent power producer, today announced the successful closing of the $440 million Tax Equity Commitment from U.S. Bank and M&T Bank for the Cider solar project (“Cider”), a 674 MWdc / 500 MWac utility-scale solar farm located in Genesee County, New York. 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.

The tax equity financing — provided by U.S. Bank and M&T Bank (“Tax Equity Partners”) — represents a $440 million investment into the project’s capital stack. This commitment plays a critical role in optimizing the project’s financial structure and advancing Cider toward commercial operation targeted for late 2026. When complete, Cider is expected to be the largest solar project in New York State and is expected to generate enough clean electricity to power approximately 120,000 homes annually.ⁱ

Leadership commentary

“The closing of this $440 million tax equity commitment marks a pivotal milestone for Greenbacker and for the Cider solar project,” said Daniel de Boer, Chief Executive Officer of Greenbacker. “With all key sources of capital secured, we are positioned to deliver one of the most impactful clean energy projects in New York State. This achievement reflects the strength of our partnerships, the quality of the Cider asset, and our continued commitment to building infrastructure that accelerates the energy transition while creating long-term value for our stakeholders.”

“This transaction represents best-in-class execution across a highly complex financing structure,” said Carl Weatherley-White, Chief Financial Officer of Greenbacker. “The tax equity commitment meaningfully optimizes Cider’s capital stack and completes the final piece of financing required to advance the project to commercial operation. We are grateful for the collaboration among our tax equity partners, lenders, and advisors, whose coordination was critical to achieving this milestone.”

“Our tax equity investment in the Cider solar project is an example of how we provide creative financing solutions that enable our clients to increase energy generation across the country,” said Colin Witherspoon, Senior Vice President, Environmental Finance at U.S. Bank. “We’re honored to support Greenbacker as they expand sources of renewable energy, strengthen the energy grid, and drive local job creation and economic development in New York State."

“This investment reflects M&T Bank’s dedication to strengthening the communities we serve and supporting strong, experienced sponsors like Greenbacker,” said Tyler Dornbusch, Renewable Energy Relationship Manager at M&T Bank. “The Cider solar project will play a critical role in New York’s clean energy transition, and we are pleased to partner with U.S. Bank and Greenbacker to help bring this landmark project to completion.”

An efficient, fully committed tax equity financing  

The tax equity commitment supports the utilization of Investment Tax Credits (ITC) and aligns with industry best practices for renewable energy financing. The tax equity commitment follows Greenbacker’s recent milestone financing of nearly $1 billion, led by a group of global project finance banks and financial institutions. With this $440 million commitment, Greenbacker secures the last key source of capital needed to bring Cider online.  

Project benefits

Once operational, the project is expected to deliver significant environmental benefits and contribute to New York’s clean energy transition. It is also projected to support hundreds of construction jobs and generate roughly $100 million in revenue to the local community over its operational lifespan through property taxes, host community agreements, and tax benefits. Cider is slated to enter commercial operation around the end of 2026.

Sheppard Mullin and Barclay Damon LLP served as counsel for Greenbacker; Milbank LLP and Rath, Young and Pignatelli, P.C. served as counsel for the tax equity partners; Orrick, Herrington & Sutcliffe LLP served as reading counsel for M&T Bank. Winston & Strawn LLP and Rath, Young and Pignatelli, P.C. served as counsel for the bank syndicate.

CRC-IB served as advisor to Greenbacker; Cornerstone Financial Advisors, LLC (“CFA”) and CCA Capital, LLC (“CCA”) served as advisors for the Tax Equity Partners.

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[1] Governor Hochul Announces Siting Approval of New York's Largest Solar Facility to Date, governor.ny.gov.