Amalgamated Bank Backs NY's Largest Solar Project With $15M Investment in Green Energy

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.