NEW YORK, Feb. 10, 2026 (GLOBE NEWSWIRE) -- Greenbacker Renewable Energy Company LLC ("Greenbacker"), an energy transition-focused investment manager and independent power producer, today announced the successful closing of the $440 million Tax Equity Commitment from U.S. Bank and M&T Bank for the Cider solar project ("Cider"), a 674 MWdc / 500 MWac utility-scale solar farm located in Genesee County, New York. While this tax equity financing represents the final source of funding required to fully finance the project, it follows a series of successfully completed financings and significant construction milestones already achieved to date.

The tax equity financing, provided by U.S. Bank and M&T Bank ("Tax Equity Partners"), represents a $440 million investment into the project's capital stack. This commitment plays a critical role in optimizing the project's financial structure and advancing Cider toward commercial operation targeted for late 2026. When complete, Cider is expected to be the largest solar project in New York State and is expected to generate enough clean electricity to power approximately 120,000 homes annually.i

Leadership commentary

"The closing of this $440 million tax equity commitment marks a pivotal milestone for Greenbacker and for the Cider solar project," said Daniel de Boer, Chief Executive Officer of Greenbacker. "With all key sources of capital secured, we are positioned to deliver one of the most impactful clean energy projects in New York State. This achievement reflects the strength of our partnerships, the quality of the Cider asset, and our continued commitment to building infrastructure that accelerates the energy transition while creating long-term value for our stakeholders."

"This transaction represents best-in-class execution across a highly complex financing structure," said Carl Weatherley-White, Chief Financial Officer of Greenbacker. "The tax equity commitment meaningfully optimizes 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, ...