Greenbacker has raised $440 million in tax equity from US Bank and M&T Bank for the 674 MWdc / 500 MWac Cider solar project in New York. The commitment monetizes Investment Tax Credits and completes the project’s capital stack following an earlier ~$950 million multi-tranche debt and mezzanine package.

The key shift is structural: the tax equity refinances a $417.8 million ITC bridge loan that was priced at SOFR +2.25%, stepping down to +1.50% post-execution. By taking out the bridge, Greenbacker moves from short-term, floating-rate exposure to locked-in tax equity capital aligned with the ITC timeline.

Commercially, that matters. Bridge loans solve timing. Tax equity solves certainty. Replacing higher-margin, rate-sensitive debt with committed tax equity tightens the capital stack ahead of a targeted end-2026 COD and reduces carry risk during construction.

The asset itself is de-risked on revenue. A 20-year NYSERDA Tier 1 REC contract, structured as an Indexed REC functioning like a CfD, hedges wholesale price volatility. That revenue floor supports leverage and justifies the earlier construction and mezzanine commitments.

Greenbacker acquired Cider from Hecate Energy in 2024 for $55.1 million and has since recycled capital through portfolio sales to Altus Power and CleanCapital. This financing shows the playbook: buy scale, contract revenue, warehouse with bridge debt, then clear the stack with tax equity before COD.

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