Greenbacker Renewable Energy Co., LLC, an energy transition-focused investment manager and independent power producer, secured a US$440 million tax equity commitment from U.S. Bank and M&T Bank.

As technical advisor on the Cider solar project, the Enertis Applus+ team conducted the technical due diligence (TDD) report that was essential in gaining the tax equity commitment by verifying the project’s technical and financial viability. For the TDD report, Enertis Applus+ evaluated Cider’s financial model, equipment, and energy yield assessment, as well as its contracts, permits, and useful life expectancy.

The Cider project, a 674 MWdc/500 MWac utility scale solar farm in Genesse County, will be New York State’s largest solar facility to date. It is expected to come online by the end of 2026.

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Inaki Herrero, Enertis Applus+ Managing Director, N.A, commented: “We are honoured that Greenbacker chose our expertise to help achieve its US$440 million tax equity commitment from U.S. Bank and M&T Bank. With over 20 years of experience in more than 900 GW of renewable projects across 65 countries, including more than 170 GW of solar projects in the US, we demonstrate our commitment to technical expertise, accuracy, and integrity time after time.”

Carl Weatherley-White, Chief Financial Officer of Greenbacker, added: “This transaction represents best-in-class execution across a highly complex financing structure. The tax equity commitment meaningfully optimises Cider’s capital stack and completes the final piece of financing required to advance the project to commercial operation. We are grateful for the collaboration among our tax equity partners, lenders, and advisors, whose co-ordination was critical to achieving this milestone.”

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Read the article online at: https://www.energyglobal.com/solar/04032026/enertis-applus-aids-greenbacker-in-closing-of-us440-million-tax-equity-commitment/