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.
Amalgamated Bank (Nasdaq: AMAL) ha concluso un finanziamento Commercial Property Assessed Clean Energy (C-PACE) per sostenere l'installazione di un impianto solare fotovoltaico da 205 kW DC e lavori di ristrutturazione del tetto presso l'edificio industriale di Marder Seafood a New Bedford. Il finanziamento da 1,3 milioni di dollari, realizzato tramite la piattaforma FASTPACE di Allectrify nell'ambito del Programma PACE Massachusetts, dovrebbe generare un risparmio energetico complessivo di 1,9 milioni di dollari nel corso della sua vita utile. Questo progetto rappresenta il quarto finanziamento concesso sotto il Programma C-PACE del Massachusetts dal 2020. Amalgamated Bank, che destina quasi il 40% del proprio portafoglio di prestiti a soluzioni per la protezione climatica, detiene oltre 1,2 miliardi di dollari in asset PACE. La collaborazione con Allectrify mira a facilitare la chiusura efficiente delle operazioni C-PACE per miglioramenti edilizi sostenibili.
Amalgamated Bank (Nasdaq: AMAL) ha cerrado un financiamiento bajo el programa Commercial Property Assessed Clean Energy (C-PACE) para financiar una instalaci贸n solar fotovoltaica de 205 kW DC y mejoras en el techo del edificio industrial de Marder Seafood en New Bedford. El financiamiento de 1,3 millones de d贸lares, realizado a trav茅s de la plataforma FASTPACE de Allectrify dentro del Programa PACE de Massachusetts, se espera que genere un ahorro en costos de energ铆a de 1,9 millones de d贸lares durante su vida 煤til. Este proyecto representa el cuarto financiamiento bajo el Programa C-PACE de Massachusetts desde 2020. Amalgamated Bank, que invierte casi el 40% de su cartera de pr茅stamos en soluciones para la protecci贸n clim谩tica, posee m谩s de 1,2 mil millones de d贸lares en activos PACE. La asociaci贸n con Allectrify busca facilitar el cierre eficiente de acuerdos C-PACE para mejoras sostenibles en edificios.
Amalgamated Bank (Nasdaq : AMAL) a finalis茅 un financement Commercial Property Assessed Clean Energy (C-PACE) pour financer l'installation d'un syst猫me solaire photovolta茂que de 205 kW DC et des r茅novations de toiture dans le b芒timent industriel de Marder Seafood 脿 New Bedford. Ce financement de 1,3 million de dollars, r茅alis茅 via la plateforme FASTPACE d'Allectrify dans le cadre du programme PACE du Massachusetts, devrait g茅n茅rer 1,9 million de dollars d'茅conomies sur les co没ts 茅nerg茅tiques durant sa dur茅e de vie. Ce projet repr茅sente le quatri猫me financement accord茅 dans le cadre du programme C-PACE du Massachusetts depuis 2020. Amalgamated Bank, qui investit pr猫s de 40 % de son portefeuille de pr锚ts dans des solutions de protection climatique, d茅tient plus de 1,2 milliard de dollars d'actifs PACE. Le partenariat avec Allectrify vise 脿 faciliter la conclusion efficace des op茅rations C-PACE pour des am茅liorations durables des b芒timents.
Die Amalgamated Bank (Nasdaq: AMAL) hat eine Finanzierung im Rahmen des Commercial Property Assessed Clean Energy (C-PACE) Programms abgeschlossen, um eine 205 kW DC Solar-Photovoltaik-Anlage sowie Dachsanierungen am Industriegeb盲ude von Marder Seafood in New Bedford zu finanzieren. Die Finanzierung in H枚he von 1,3 Millionen US-Dollar, die 眉ber die FASTPACE-Plattform von Allectrify im Rahmen des PACE-Programms von Massachusetts abgewickelt wurde, soll 眉ber die Lebensdauer Einsparungen bei den Energiekosten von 1,9 Millionen US-Dollar erzielen. Das Projekt ist die vierte Finanzierung im Rahmen des Massachusetts C-PACE-Programms seit 2020. Die Amalgamated Bank, die fast 40 % ihres Kreditportfolios in Klimaschutzl枚sungen investiert, h盲lt PACE-Verm枚genswerte im Wert von 眉ber 1,2 Milliarden US-Dollar. Die Partnerschaft mit Allectrify zielt darauf ab, effiziente C-PACE-Transaktionen f眉r nachhaltige Geb盲udeverbesserungen zu erm枚glichen.
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
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聽Amalgamated Financial Corp.聽(Nasdaq: AMAL), today announced the successful closing of a Commercial Property Assessed Clean Energy ("C-PACE") financing under the PACE Massachusetts Program using Allectrify鈥檚聽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鈥檚 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.
鈥淲ith 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,鈥� said Mark Walsh, New England Regional Manager & Senior Vice President at Amalgamated Bank. 鈥淭hrough our ongoing partnership with Allectrify, we look forward to executing even more C-PACE deals that drive sustainable progress in Boston and beyond.鈥�
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.
鈥淭his transaction is a prime example of Amalgamated Bank鈥檚 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,鈥� said Colin Bishopp, Chief Executive Officer of Allectrify. 鈥淲e are pleased to see this project closed on Allectrify鈥檚 FASTPACE platform which enables efficient C-PACE execution in programs across the country.鈥�
About聽Amalgamated Bank:
Amalgamated Bank, the wholly owned banking subsidiary of聽Amalgamated Financial Corp.聽(Nasdaq: AMAL), is a mission-driven聽full-service commercial bank and a chartered trust company with a combined network branches in聽New York City,聽Washington D.C.,聽San Francisco, and聽Boston.聽Amalgamated Bank聽provides commercial and retail banking products, investment management and trust and custody services, and lending services. Since their founding in 1923,聽Amalgamated Bank聽is diligent in fulfilling their mission to be America鈥檚 socially responsible bank, empowering organizations and individuals to advance positive change. The businesses that聽Amalgamated Bank聽focuses on are generally mission aligned with our core values, including sustainable companies, clean energy, nonprofits, and B Corporations.聽.
About Allectrify, PBC:
C-PACE made simple for lenders and borrowers. Allectrify鈥檚 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鈥檚 network of FASTPACE lenders, borrowers can access C-PACE financing for projects of all sizes.聽.
Media Contacts
Ayele Ajavon Head of Communications Amalgamated Bank 929-979-5811
Lainie Rowland Allectrify 973-908-9304
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.
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