Amalgamated Bank Advances Climate Leadership with C-PACE Financing for 205kW Solar Energy and Roofing Project in New Bedford

Rhea-AI Summary

Amalgamated Bank (Nasdaq: AMAL) has closed a Commercial Property Assessed Clean Energy (C-PACE) financing deal to fund a 205kW DC solar PV installation and roofing upgrades at Marder Seafood's industrial building in New Bedford. The $1.3 million financing, executed through Allectrify's FASTPACE Platform under the PACE Massachusetts Program, is expected to generate $1.9 million in lifetime energy cost savings. The project marks the fourth financing under Massachusetts C-PACE Program since 2020. Amalgamated Bank, which invests nearly 40% of its lending portfolio in climate protection solutions, holds over $1.2 billion in PACE assets. The partnership with Allectrify aims to facilitate efficient C-PACE deal closings for sustainable building improvements.

Positive

• Financing will generate $1.9 million in lifetime energy cost savings for the property
• Bank maintains a strong climate-focused portfolio with 40% in climate protection solutions
• Significant PACE asset portfolio of over $1.2 billion demonstrates leadership in sustainable financing
• Strategic expansion of C-PACE financing capabilities through partnership with Allectrify's FASTPACE Platform

Negative

• None.

Insights

Sustainable Finance Specialist

Amalgamated Bank strengthens its green finance position with a strategic $1.3M C-PACE deal supporting its climate-focused lending strategy.

This C-PACE financing deal for a 205kW solar installation represents a strategic reinforcement of Amalgamated Bank's position in the sustainable finance sector. The $1.3 million transaction demonstrates the bank's execution capabilities in an emerging financing category while aligning with its broader climate-focused business model where 40% of its lending portfolio is already directed toward climate protection solutions.

The deal's structure is particularly noteworthy as it showcases Amalgamated's ability to finance dual-purpose projects - combining both renewable energy generation and infrastructure upgrades (roofing) - which represents a more comprehensive approach to building sustainability. The projected $1.9 million in lifetime energy cost savings for the industrial property owner creates a compelling business case that could attract similar commercial clients seeking both environmental and financial benefits.

From a competitive positioning standpoint, Amalgamated's $1.2 billion in PACE assets signals significant market share in this niche but growing financing category. Their partnership with Allectrify and use of the FASTPACE platform demonstrates technological integration that could potentially create operational efficiencies in deal execution.

Most significantly, this transaction represents Amalgamated's ability to operationalize its climate commitment into actual revenue-generating business activities rather than mere ESG positioning. The fact that this is only the fourth financing closed under Massachusetts' C-PACE Program since 2020 positions Amalgamated as an early mover in a market with substantial growth potential as climate financing demands increase.

NEW BEDFORD, Mass., June 10, 2025 (GLOBE NEWSWIRE) -- Amalgamated Bank, a subsidiary of Amalgamated Financial Corp. (Nasdaq: AMAL), today announced the successful closing of a Commercial Property Assessed Clean Energy ("C-PACE") financing under the PACE Massachusetts Program using Allectrify’s FASTPACE Platform.

The C-PACE financing will fund a 205kW (kilowatts) DC (Direct current) solar PV (PhotoVoltaic) installation and associated roofing upgrades at an industrial building located in the Port of New Bedford. The property is owned and operated by Marder Seafood; a trusted leader in premium, sustainably sourced seafood in the area for more than 50 years.

Amalgamated Bank, which opened its downtown Boston Commercial Banking office in 2020, invests nearly 40% of its total lending portfolio in climate protection solutions. This financing further reflects the Bank’s climate leadership and focus on decarbonization and renewable energy.

The C-PACE closing showcases how clean energy and C-PACE financing can support key regional industries, drive investments in New England commercial building stock, and lower energy costs for industrial end-users. The project will drive over $1.9 million in lifetime energy cost savings at the property.

C-PACE financing supports long-term, competitive financing for commercial property improvements for energy efficiency, renewable energy, resiliency, and water conservation. The project represents the fourth financing closed to date under the Massachusetts C-PACE Program since its launch in 2020. Amalgamated Bank is a leader in deploying C-PACE capital, and its partnership with Allectrify enables efficient closing for projects of all sizes.

“With more than $1.2 billion in PACE assets in our investment portfolio, we are proud to lead the industry in providing solutions that empower borrowers to implement proven energy-savings strategies in commercial properties,” said Mark Walsh, New England Regional Manager & Senior Vice President at Amalgamated Bank. “Through our ongoing partnership with Allectrify, we look forward to executing even more C-PACE deals that drive sustainable progress in Boston and beyond.”

This $1.3 million C-PACE financing represents an innovative approach to green capital deployment. C-PACE makes capital available to a broader set of property owners who seek to make energy efficiency and other building energy improvements.

“This transaction is a prime example of Amalgamated Bank’s commitment to putting climate solutions into practice, in this case supporting a commercial solar project at an industrial property serving a classic New England industry,” said Colin Bishopp, Chief Executive Officer of Allectrify. “We are pleased to see this project closed on Allectrify’s FASTPACE platform which enables efficient C-PACE execution in programs across the country.”

About Amalgamated Bank:

Amalgamated Bank, the wholly owned banking subsidiary of Amalgamated Financial Corp. (Nasdaq: AMAL), is a mission-driven full-service commercial bank and a chartered trust company with a combined network branches in New York City, Washington D.C., San Francisco, and Boston. Amalgamated Bank provides commercial and retail banking products, investment management and trust and custody services, and lending services. Since their founding in 1923, Amalgamated Bank is diligent in fulfilling their mission to be America’s socially responsible bank, empowering organizations and individuals to advance positive change. The businesses that Amalgamated Bank focuses on are generally mission aligned with our core values, including sustainable companies, clean energy, nonprofits, and B Corporations. www.amalgamatedbank.com.

About Allectrify, PBC:

C-PACE made simple for lenders and borrowers. Allectrify’s FASTPACE platform enables banks, credit unions, CDFIs and non-bank lenders to offer C-PACE financing quickly and easily, at no cost to the lender and with reduced transaction costs for borrowers. Through Allectrify’s network of FASTPACE lenders, borrowers can access C-PACE financing for projects of all sizes. https://allectrify.com/.

Media Contacts

Ayele Ajavon
Head of Communications
Amalgamated Bank
929-979-5811
media@amalgamatedbank.com

Lainie Rowland
Allectrify
973-908-9304
lainie@allectrify.com

FAQ

What is the value of Amalgamated Bank's (AMAL) latest C-PACE financing deal?

The C-PACE financing deal is valued at $1.3 million for a solar PV installation and roofing upgrades at an industrial building in New Bedford.

How much of Amalgamated Bank's (AMAL) lending portfolio is invested in climate protection solutions?

Amalgamated Bank invests nearly 40% of its total lending portfolio in climate protection solutions.

What is the expected energy cost savings from AMAL's New Bedford solar project?

The project is expected to drive over $1.9 million in lifetime energy cost savings at the property.

How many C-PACE financings have been closed under the Massachusetts C-PACE Program since 2020?

This project represents the fourth financing closed under the Massachusetts C-PACE Program since its launch in 2020.

What is the total value of PACE assets in Amalgamated Bank's investment portfolio?

Amalgamated Bank holds more than $1.2 billion in PACE assets in its investment portfolio.