FinancingClosedPress / newsMarch 9, 2026

Cider Solar portfolio — 674 MWdc / 500 MWac utility-scale solar, Genesee County, New York (NYISO Zone A)

Greenbacker completes $400M+ in strategic portfolio refinancings, loan extensions, and construction loan upsizing on the Cider Solar portfolio (674 MWdc / 500 MWac, Genesee County, NY). The original $950M project financing closed January 2025 (fin-2025-006). This refinancing demonstrates Greenbacker's ability to access capital markets for its operating portfolio. Greenbacker describes the transaction as reflecting 'strong banking relationships and capital markets execution.'

Share on LinkedIn Source: GlobeNewswire / Greenbacker Renewable Energy →

$400M

Deal Value

500MW

Capacity

Solar

Technology

Location

Project: Cider Solar portfolioAsset profile →

MarketsNew York Solar NYISO

Deal Details

Deal Type: Project & Portfolio M&A
Seller / Sponsor: Greenbacker Renewable Energy Company (GREC)
Buyer / Financier: KeyBanc Capital Markets (refinancing lead), MUFG, ING Capital, Intesa Sanpaolo, Société Générale, Wells Fargo
Deal Value: $400M+
Stage: Operating
ISO/RTO: NYISO
Source: GlobeNewswire / Greenbacker Renewable Energy

Capital Structure

$400M

Total transaction value

Tranches

Construction Loan Upsizing (Cider Solar) · ten-bank syndicate (KeyBanc Capital Markets named lead): $188M
Loan Maturity Extensions (86 MW of assets): $187M
Portfolio Refinancing (Gemstone, 104 MW) · KeyBanc Capital Markets: $53M

Service Providers

Advisory & Legal

notes: Tax equity from US Bank + M&T Bank ($440M, closed Feb 10, 2026).

Finance Counterparties

Lenders & Capital Providers

Coord. Lead Arranger: KeyBanc Capital Markets, MUFG, ING Capital, Intesa Sanpaolo, Société Générale, Wells Fargo
notes: Ten-bank syndicate; KeyBanc led the $53M three-portfolio refinancing component.
taxEquityProvider: U.S. Bank, M&T Bank