Investment manager and independent power producer, Greenbacker Renewable Energy Company, LLC, focusing on the energy transition, secured a $440 million tax equity commitment from US Bank and M&T Bank. The Enertis Applus+ team served as Technical Advisor on the Cider solar project, conducting 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 (EYA), 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.
“We are honoured that Greenbacker chose our expertise to help them achieve their $440 million tax equity commitment from US Bank and M&T Bank” said Inaki Herrero, Enertis Applus+ Managing Director, N.A. “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.”
The tax equity commitment supports the utilisation of Investment Tax Credits (ITC) and aligns with industry best practices for renewable energy financing. Renewable project eligibility for ITC in 2026 is governed by the Inflation Reduction Act (IRA) and the subsequent regulatory framework on construction timelines and labour standards established by compliance mandates within the One Big Beautiful Bill Act (OBBBA).
“This transaction represents best-in-class execution across a highly complex financing structure” added Carl Weatherley-White, Chief Financial Officer of Greenbacker. “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 coordination was critical to achieving this milestone.”
Once operational, the Cider solar project is expected to deliver enough renewable electricity to power roughly 120,000 homes in New York each year, provide significant environmental benefits, and contribute to New York’s clean energy transition. It is also projected to support hundreds of construction jobs and generate roughly $100 million in revenue to the local community over its operational lifespan through property taxes, host community agreements, and tax benefits.
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