Amalgamated Bank Joins Nearly $1 Billion Aggregate Financing with Greenbacker's 674 MW Cider Solar Farm, Powering New York's Largest Solar Project to Date

Rhea-AI Summary

Amalgamated Bank (AMAL) has committed $15 million as part of a nearly $1 billion financing package for Greenbacker's Cider solar farm project in Genesee County, New York. The 674 MWdc utility-scale solar facility, which broke ground in late 2024, represents New York's largest solar project to date. Construction began in spring 2025 and is expected to create hundreds of clean energy jobs. Upon completion in 2026, the project will span approximately 2,500 acres and generate enough clean electricity to power over 120,000 New York homes annually. Greenbacker's portfolio has demonstrated significant environmental impact, producing over 12 million megawatt-hours of clean energy and reducing carbon emissions by more than 8 million metric tons since 2016.

Positive

• Amalgamated Bank secured participation in a major $1 billion financing deal for renewable energy
• Project will be New York's largest solar installation at 674 MWdc capacity
• The solar farm will power over 120,000 New York homes when operational in 2026
• Project creates hundreds of clean energy jobs through construction
• Partnership with organized labor strengthens community relations

Negative

• None.

Insights

Sustainable Finance Analyst

AMAL's $15M commitment to NY's largest solar project strengthens its green finance position and opens revenue opportunities.

Amalgamated Bank's $15 million commitment to Greenbacker's Cider solar project represents a strategic expansion of the bank's renewable energy portfolio. This investment - while relatively modest compared to the project's overall $1 billion financing - carries significance beyond its dollar value.

The 674 MWdc Cider solar farm's scale is noteworthy, representing New York State's largest solar installation spanning approximately 2,500 acres. When operational in 2026, the project will produce enough electricity to power over 120,000 homes annually, significantly advancing New York's clean energy transition.

For Amalgamated, this transaction aligns perfectly with its established identity as a socially responsible financial institution. The bank gains several advantages from this partnership:

• Enhanced ESG credentials in a competitive banking landscape
• Potential for recurring revenue streams through the project's operational lifetime
• Expanded relationship opportunities with Greenbacker for future renewable projects
• Strengthened positioning in the growing climate finance sector

The project's construction timeline (2024-2026) suggests Amalgamated's investment will begin generating returns in the medium term. The bank's participation in this consortium financing also demonstrates its capacity to collaborate on large-scale sustainable infrastructure projects, potentially opening doors to similar opportunities in the renewable energy sector.

The emphasis on local job creation and union partnerships reflects Amalgamated's community-focused banking philosophy while contributing to its social impact metrics - a differentiator in attracting both depositors and investors seeking values-aligned financial institutions.

NEW YORK, June 04, 2025 (GLOBE NEWSWIRE) -- Amalgamated Bank, a subsidiary of Amalgamated Financial Corp. (Nasdaq: AMAL), today announced the successful closing of a $15 million commitment as part of a nearly $1 billion aggregate financing to support the construction and operation of Greenbacker Renewable Energy Company LLC’s (“Greenbacker”) utility-scale 674 MWdc (megawatts of direct current) “Cider” solar farm, the largest solar project in New York State.

Cider is located on approximately 2,500 acres in Genesee County, New York, the state where both Greenbacker and Amalgamated Bank are headquartered. Greenbacker broke ground on the solar project—its largest to date—in late 2024, and commenced major construction activities at the site in spring 2025.

“The Cider project and associated financing, including the new partnership with Amalgamated Bank, underscores Greenbacker’s commitment to building a more resilient energy system in New York,” said Carl Weatherley-White, Greenbacker’s interim Chief Financial Officer. “Together we are driving forward a sustainable future that delivers affordable, homegrown, clean power and meaningful economic benefits to local communities.”

Cider’s construction is expected to support hundreds of clean energy jobs. The project is slated to enter commercial operation by the end of 2026, when it is projected to generate enough clean electricity to power over 120,000 New York homes annually.

“We are proud to partner with Greenbacker on the Cider project, a landmark achievement for renewable energy in New York,” said Sam Brown, Chief Banking Officer at Amalgamated Bank. “This project stands as a testament to our collective mission to deliver impactful, scalable clean energy solutions. Additionally, Greenbacker’s dedication to partnering with local organized labor further underscores our unwavering support for unions and our commitment to fostering strong, sustainable communities.”

Greenbacker’s portfolio has produced over 12 million megawatt - hours of clean energy and abated more than 8 million metric tons of carbon since 2016, reinforcing its commitment to energy transition investments across the country.

About Greenbacker Renewable Energy Company
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. 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 www.greenbackercapital.com.

About Amalgamated Bank:
Amalgamated Bank, the wholly owned banking subsidiary of Amalgamated Financial Corp. (Nasdaq: AMAL), is a mission-driven New York-based 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 focus' on are generally mission aligned with our core values, including sustainable companies, clean energy, nonprofits, and B Corporations. www.amalgamatedbank.com.

Media Contacts:  
Chris Larson
Media Communications
Greenbacker
646.569.9532
c.larson@greenbackercapital.com

Ayele Ajavon
Head of Communication
Amalgamated Bank
929.979.5811
Media@amalgamatedbank.com

FAQ

What is the size and cost of AMAL's Cider solar project in New York?

The Cider solar project is a 674 MWdc utility-scale facility with nearly $1 billion in aggregate financing, of which Amalgamated Bank committed $15 million. It spans 2,500 acres in Genesee County, New York.

When will Greenbacker's Cider solar farm be operational?

The Cider solar farm is expected to enter commercial operation by the end of 2026.

How many homes will the AMAL-backed Cider solar project power?

The Cider solar project is projected to generate enough clean electricity to power over 120,000 New York homes annually.

What is Greenbacker's environmental impact through its renewable energy portfolio?

Since 2016, Greenbacker's portfolio has produced over 12 million megawatt-hours of clean energy and abated more than 8 million metric tons of carbon.

How many jobs will the Cider solar project create?

The construction of the Cider solar project is expected to support hundreds of clean energy jobs.