M&T Bank and U.S. Bank announced a $440 million tax‑equity commitment to Greenbacker Renewable Energy’s 674‑MW (500 MWac) Cider solar farm in Genesee County, New York. The commitment, the final capital source needed to bring the project to commercial operation, is scheduled to begin generating power in late 2026.
The Cider project will become the largest solar installation in New York State, producing enough clean electricity to power roughly 120,000 homes each year. The financing aligns with New York’s 2030 clean‑energy target of 70 % of electricity from renewable sources and benefits local communities through job creation and increased tax revenue.
M&T Bank’s involvement underscores its strategic push into renewable‑energy finance. The bank’s Q4 2025 earnings showed a 16 % rise in diluted EPS to $4.72, driven by higher interest income, an improved net‑interest margin of 3.69 %, and stronger mortgage banking results. The $440 million tax‑equity deal complements the bank’s broader clean‑energy portfolio, which has grown in tandem with its record net income of $2.85 billion for 2025.
U.S. Bank, a long‑standing partner in renewable‑energy financing, brings additional expertise and a history of providing tax‑equity commitments for large solar projects. Their collaboration with M&T Bank demonstrates a joint commitment to supporting the Northeast’s transition to sustainable infrastructure.
The tax‑equity structure allows the project to capture federal and state incentives, including those from the Inflation Reduction Act, while providing a return to the banks through tax credits. This arrangement positions the Cider farm to achieve a strong internal rate of return and supports the banks’ ESG objectives.
The commitment signals confidence in the long‑term viability of utility‑scale solar in the region and reinforces M&T Bank’s role as a regional lender that supports high‑impact, community‑benefiting projects. The financing also enhances the bank’s balance‑sheet exposure to renewable projects, aligning with its strategic focus on expanding its clean‑energy portfolio.
The deal is a key milestone for the Cider project, which is now fully capitalized and on track for commercial operation. The project’s completion will contribute significantly to New York’s renewable‑energy goals and provide a model for future large‑scale solar developments in the state.
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