Greenbacker and Hecate Energy have secured $950m in construction finance for a 674MW solar project in New York State.

The Cider Solar Farm will consist of low profile, ground-mounted PV panels covering approximately 2,200 acres in Genesee County. The Project will incorporate agrivoltaics approaches, incorporating agriculture and energy production with an initial area of approximately 300 acres to be set aside for dual-use agricultural purposes including sheep grazing.

“Greenbacker’s successful closing on this development loan facility and the bank syndicate’s construction and long-term facility is a pivotal achievement for our organisation,” said Carl Weatherley-White, Greenbacker’s head of capital markets. “Finalising $950m in capital to build the largest solar project in New York is a testament to the deep expertise and dedication of all parties involved.”

The Cider project marks the third clean energy collaboration between Greenbacker and Hecate. Over the past several years, Greenbacker has acquired over 70MW of utility-scale solar in New York from the developer. Greenbacker’s fleet of clean energy projects are estimated to have produced over 10 million MWh of clean energy since 2016.

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