Highlights
- Enertis Applus+ acted as Independent Engineer for the Cider solar project, conducting a Technical Due Diligence report.
- The Cider solar project, expected to generate up to 1,013 GWh during the first year, will be New York State's largest solar facility to date.
- The project is expected to be operational in late 2026.
Enertis Applus+, a global engineering consultancy firm with extended expertise in the renewable energy and storage sectors, served as Independent Engineer for Greenbacker Renewable Energy Company in the financing for the Cider solar project in New York State. Greenbacker Renewable Energy Company, LLC, an energy transition-focused investment manager and independent power producer, secured a $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 (EYA), as well as its contracts, permits, and useful life expectancy.
The Cider project, a 674MWdc/500MWac 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 honored that Greenbacker chose our expertise to help them achieve their $440 million tax equity commitment from U.S. 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 U.S., we demonstrate our commitment to technical expertise, accuracy, and integrity time after time."
"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, and advisors, whose coordination was critical to achieving this milestone."
Background
The tax equity commitment supports the utilization 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 labor standards established by compliance mandates within the One Big Beautiful Bill Act (OBBBA).
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.
About Enertis Applus+ (www.enertisapplus.com)
Enertis Applus+ is a global consulting, engineering and quality control firm with expertise in the renewable energy and energy storage industries. The company has a track-record of more than 20 years and over 900 GW in renewable energy and 150 GWh in energy storage projects, including the accumulated experience of Barlovento Applus+. Since 2021, Enertis Applus+ has been a part of Applus+, one of the world's leading companies in the testing, inspection and certification sector, with over 20 years of experience in the renewable sector.
The Enertis Applus+ mission is to ensure maximum profitability for customers and proper risk management of their projects by providing innovative services with high added value. With a track-record of 8,000 projects in more than 65 countries, Enertis Applus+ has offices in the United States, Spain, Chile, Mexico, Australia, United Kingdom, Italy, Colombia, Panama, Brazil, Argentina, South Africa and China.
About Greenbacker
Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability sustainable infrastructure company that both acquires and manages income-producing renewable energy and other energy-related businesses, including solar and wind farms, and provides asset management services to other renewable energy investment vehicles. We seek to acquire and operate high-quality projects that sell clean power under long-term contracts to high-creditworthy counterparties such as utilities, municipalities, and corporations. We are long-term owner-operators, who strive to be good stewards of the land and responsible members of the communities in which we operate. Greenbacker conducts its asset management business through its wholly owned subsidiary, Greenbacker Capital Management, LLC, an SEC-registered investment adviser, which generates revenue as an advisor to multiple energy-transition focused strategies. We believe our focus on power production and asset management creates value that we can then pass on to our shareholders-while facilitating the transition toward a clean energy future. For more information, please visit https://greenbackercapital.com.
Contacts:
Elisa Noli elisa.noli@applus.com / +34 610 636 378
US contact - Barbara Rudolph barbara.rudolph@enertisapplus.com
María de Sancha - maria.sancha@applus.com
