Greenbacker powers forward with the largest solar project in New York State
Cider offers tangible economic benefits to Genesee County communities and the broader region, and it represents an important milestone in New York’s clean energy transition that will power the state forward for years to come.
CEO, Greenbacker
We are proud to reaffirm our position in the green economy as a key player in a major energy transition deal in the United States, where we have extensive experience and a strong track record in the sector.
Head of Distribution Platform & GTB
IMI Corporate & Investment Banking Division, Intesa Sanpaolo
BACKGROUND AND MISSION OF GREENBACKER
Greenbacker Renewable Energy Company is an investment manager and independent power producer specializing in clean energy infrastructure across the United States. Through its portfolio of renewable assets, the company supports the country’s transition to a more sustainable energy future.
Acquiring, developing, and operating utility-scale projects, Greenbacker generates long-term environmental and economic value.
As of late 2024, its operating fleet had generated over 10 million MWh of clean energy, helping to avoid more than 7 million metric tons of CO₂ emissions.
PROJECT OBJECTIVES
Project Cider, acquired from Hecate Energy, represents a flagship initiative within Greenbacker’s growth strategy: located in Genesee County, New York, it will be the largest solar photovoltaic park in the state, underscoring Greenbacker’s commitment to impactful and sustainable energy infrastructure.
Capacity and benefits of production
Thanks to Project Cider, Greenbacker significantly expands its solar capacity in a key regional market and reinforces its leadership in the energy transition sector: it will have a capacity of 500 MWac, enough to power over 120,000 households annually, while bringing significant economic and social benefits to the region including hundreds of clean energy jobs and infrastructure investments in support of local communities.
As a long-term owner and operator, Greenbacker will ensure the asset delivers both environmental performance and community impact over decades.
Financing and Intesa Sanpaolo’s role
To support the acquisition, construction, and operation of Project Cider, Greenbacker has secured nearly USD 1Bn in structured financing arranged by a consortium of top-tier international banks, including Intesa Sanpaolo which, with its IMI Corporate & Investment Banking Division, acted as Coordinating Lead Arranger, Bookrunner, and Co‑Syndication Agent through the New York Branch experts.
Project Cider, for both scale and structure, is recognized by the industry as a benchmark transaction that will generate lasting value for stakeholders and contribute meaningfully to U.S. decarbonization targets.
KEY SUCCESS FACTORS
- Strategic financial structuring
The financing package includes a construction-to-term loan, a transferability to tax equity bridge loan, and letters of credit, optimized to support the project through every phase, from development to commercial operation. - Experience in U.S. renewables
Leveraging its New York branch proven expertise from major U.S. infrastructure projects, Intesa Sanpaolo’s IMI Corporate & Investment Banking contributed valuable market knowledge and transaction experience. - Acting a pivotal role
Intesa Sanpaolo played a key role in the pool financing, ensuring smooth coordination among all stakeholders from structuring to closing. - Strong client partnership and mutual trust
A close and transparent relationship with the client, built on mutual trust and open communication, was instrumental in navigating complexities and successfully delivering the transaction.
Read the Press Release.
F.A.Q.
What is Project Cider?
What is Intesa Sanpaolo’s role in the project?
What benefits does the project bring to local communities?
What is the environmental impact of Project Cider?
VIDEO TRANSCRIPT
GREENBACKER - The largest solar project in New York State