Greenbacker Renewable Energy Company LLC, an investment manager and independent power producer focused on the energy transition, has announced the successful closing of a $440 million tax equity commitment from the U.S. Bank and M&T Bank for the Cider solar project. Cider is a 674 MWdc / 500 MWac utility-scale solar farm currently under development in Genesee County, New York. This tax equity financing secures the final funding required to fully capitalize the project, which has already reached several major construction and financing milestones.
The tax equity investment from U.S. Bank and M&T Bank represents a significant contribution to the project’s capital structure. This $440 million commitment strengthens Cider’s financial foundation and moves the project closer to its targeted commercial operation date in late 2026. Upon completion, Cider is expected to become the largest solar installation in New York State, generating enough renewable electricity to power roughly 120,000 homes each year.
Greenbacker’s leadership emphasized the importance of this milestone. CEO Daniel de Boer noted that securing the full capital stack positions the company to deliver one of New York’s most impactful clean energy projects, reflecting both strong partnerships and the quality of the asset. CFO Carl Weatherley-White added that the tax equity commitment significantly enhances the efficiency of the financing structure and completes the final element required to advance the project toward operation, praising the coordinated effort among tax equity partners, lenders, and advisors.
Representatives from the tax equity partners also highlighted the broader value of the investment. Colin Witherspoon of U.S. Bank stated that the financing demonstrates the bank’s ability to support renewable energy generation nationwide through creative financing solutions. He noted that the project will strengthen the grid and contribute to economic development and job creation in New York. Tyler Dornbusch of M&T Bank commented that the investment aligns with the bank’s focus on supporting strong sponsors and local communities, emphasizing Cider’s role in the state’s clean energy transition.
The tax equity financing allows the project to fully utilize Investment Tax Credits (ITC) and adheres to industry best practices for renewable energy transactions. It follows Greenbacker’s earlier milestone financing of nearly $1 billion, supported by a syndicate of major project finance institutions. With this final commitment secured, all core funding for Cider has now been finalized. Once operational, Cider is expected to deliver significant environmental and economic benefits. In addition to generating clean power, the project will support several hundred construction jobs and is projected to contribute approximately $100 million to the local economy over its lifetime.
This economic value will come through property taxes, host community agreements, and other tax-related benefits. The project remains on schedule to begin commercial operations around the end of 2026. Multiple advisory and legal firms supported the transaction. Sheppard Mullin and Barclay Damon LLP advised Greenbacker, while Milbank LLP and Rath, Young and Pignatelli, P.C. represented 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. acted as counsel for the bank syndicate. On the advisory side, CRC-IB assisted Greenbacker, and Cornerstone Financial Advisors LLC along with CCA Capital LLC advised the tax equity partners. With all major financing now in place, the Cider solar project is set to become a central contributor to New York’s clean energy goals and a landmark example of large-scale renewable energy development supported through innovative capital structures.
