Intesa Sanpaolo confirms its commitment to the sustainable projects with an operation from 870 million dollars for finance the Cider photovoltaic solar park, the largest in New York, reads a note.
The Logistics & Industrial division IMI Corporate & Investment Banking of Intesa Sanpaolo, led by Mauro Micillo, has structured and partly underwritten, together with a pool of international banks, a long term loan in favor of the Greenbacker Renewable Energy Company, to be able to finalize the acquisition of the project and to support the construction and management of the park.
The Cider Solar Farm will have a capacity of 500 MWac or 674 MWdc, will be able to supply energy to more than 120.000 medium-sized households and will create hundreds of clean energy jobs in Genesee County.
“We are proud to reaffirm our position in the green economy as a key player in a major energy transition agreement in the United States, where we have extensive experience and a strong track record in the sector,” said Nicholas Doninelli, Head of Distribution Platforms & GTB of the IMI Corporate & Investment Banking Division of Intesa Sanpaolo. “Our Structured Finance team at the New York Branch has successfully closed several high-profile financings for sustainable energy and infrastructure in the United States, Canada and Latin America in recent years, further consolidating our role as an Impact Bank”.
Intesa Sanpaolo acted as Coordinating Lead Arranger, Bookrunner and Co-Syndication Agent in the transaction, strengthening its role in US renewable energy market. In the sector Intesa Sanpaolo has already taken part in some of the structured financing most significant in recent years, such as the one for the realization of the project SunZia between New Mexico and Arizona, the largest clean energy production and transportation infrastructure in the Western Hemisphere. Since 2022, the bank has contributed approximately $18 billion in financing in the Americas and is now looking at new, high-growth areas such as the Middle East, with a particular focus on the United Arab Emirates.
Greenbacker, the long-term owner and operator of Cider, specializes in clean energy production from renewable sources and in managing investments focused on the energy transition in the United States. The company acquired the project Cider from Hecate Energy, one of America's largest renewable energy developers.
