Amalgamated Bank has funded $15 million for Greenbacker’s Cider solar farm, New York’s largest, supporting renewable energy jobs.
Quiver AI Summary
Amalgamated Bank announced the completion of a $15 million investment as part of nearly $1 billion in financing for Greenbacker Renewable Energy Company’s Cider solar farm, the largest solar project in New York State. Located on 2,500 acres in Genesee County, the 674 MWdc project broke ground in late 2024 and is expected to create hundreds of clean energy jobs, generating enough electricity to power over 120,000 homes by the end of 2026. Both organizations emphasized the project’s role in promoting sustainable energy and local community development. Amalgamated Bank, a mission-driven institution, aims to support businesses that align with social responsibility and sustainability goals. Greenbacker’s operations have resulted in significant clean energy production and carbon abatement since 2016.
Potential Positives
- Amalgamated Bank secured a $15 million commitment as part of a nearly $1 billion financing package for the largest solar project in New York State, demonstrating significant involvement in renewable energy initiatives.
- The partnership with Greenbacker reinforces Amalgamated Bank's commitment to social responsibility and sustainable finance, aligning with their mission as a socially responsible bank.
- The construction of the Cider solar farm is projected to support hundreds of clean energy jobs, which enhances the bank's positive impact on local communities.
- The project will generate enough clean electricity to power over 120,000 New York homes annually, highlighting the bank's contribution to sustainable energy solutions.
Potential Negatives
- Amalgamated Bank's commitment of $15 million within a nearly $1 billion financing package raises concerns about its financial exposure and risk, particularly if the solar project encounters delays or cost overruns.
- The reliance on a partnership with Greenbacker for a landmark project may reflect Amalgamated Bank's limited control over the project’s execution and outcomes, potentially impacting its reputation if the partnership fails to deliver as expected.
- The long timeline for the project to enter commercial operation by the end of 2026 means that Amalgamated Bank will not see immediate financial returns, which could affect its short-term financial performance and investor sentiment.
FAQ
What is the Cider solar farm project?
The Cider solar farm is a 674 MWdc utility-scale solar project located in Genesee County, New York, and is the largest in the state.
Who financed the Cider solar project?
Amalgamated Bank, a subsidiary of Amalgamated Financial Corp., committed $15 million as part of nearly $1 billion financing for the project.
When is the Cider solar farm expected to begin operation?
The Cider project is slated to enter commercial operation by the end of 2026.
How many homes will Cider power?
Once operational, the Cider solar farm is projected to generate enough electricity to power over 120,000 New York homes annually.
What are the environmental benefits of the Cider project?
The project is expected to support hundreds of clean energy jobs and contribute significantly to New York's clean energy initiatives.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$AMAL Insider Trading Activity
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Here’s a breakdown of recent trading of $AMAL stock by insiders over the last 6 months:
- UNITED WORKERS has made 0 purchases and 3 sales selling 64,310 shares for an estimated $2,197,503.
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- EDGAR JR ROMNEY (Chief Strategy & Admin Officer) sold 9,782 shares for an estimated $353,521
- SAM D. BROWN (SEVP, Chief Banking Officer) sold 8,269 shares for an estimated $276,241
- MARYANN BRUCE sold 4,403 shares for an estimated $148,701
- TYRONE GRAHAM (EVP, Chief HR Officer) has made 0 purchases and 3 sales selling 4,926 shares for an estimated $145,598.
- SEAN SEARBY (EVP Chief Info. & Ops. Officer) sold 3,000 shares for an estimated $97,470
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Full Release
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
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
