New York’s Biggest Solar Farm Gets $950 Million in Funding

(Bloomberg) -- Greenbacker Renewable Energy Co., a clean energy and investment company, lined up $950 million in financing to build New York state’s largest solar farm.

The 500-megawatt Cider project in Genesee County east of Buffalo is expected to be complete in 2026, according to Dan De Boer, Greenbacker’s head of infrastructure. Construction began in October but is currently paused for the winter, and is set to resume by the end of the first quarter. 

The project is expected to help New York reach its goal of getting 70% of its electricity from renewable sources by 2030. Once in service, Cider will generate enough power for more than 120,000 homes, according to a statement from New York City-based Greenbacker. It’s one of 23 large-scale, land-based renewables projects awarded contracts in December by the New York State Energy and Research Development Authority. 

“That’s one of the expected revenue contracts for the project,” De Boer said in an interview. 

Greenbacker has arranged loans and letters of credit from Mitsubishi UFJ Financial Group Inc., KeyCorp, Ing Capital LLC, Intesa Sanpaolo SpA, Societe Generale SA, Wells Fargo & Co. and Voyager Investment.

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