Amalgamated Bank Pioneers Sustainable Financing for Solar Projects
Amalgamated Bank Leads the Charge in Sustainable Financing
In an exciting development for sustainable energy, Amalgamated Bank has recently made headlines for closing a significant Commercial Property Assessed Clean Energy (C-PACE) financing deal, utilizing Allectrify’s innovative FASTPACE Platform. This financing will support a 205kW solar energy installation and necessary roofing upgrades in an industrial building.
Supporting Local Industry and Clean Energy Initiatives
The industrial property, located in New Bedford, is owned by Marder Seafood, a company well-known for its commitment to providing premium seafood sourced sustainably for over half a century. With this project, Amalgamated Bank reiterates its dedication to leading the charge in climate protection by investing a notable 40% of its lending portfolio into solutions aimed at combatting climate change.
The Financial Impact of C-PACE Financing
This financing arrangement not only facilitates the installation of solar technology but also promises substantial financial savings, projected to exceed $1.9 million in lifetime energy costs. C-PACE provides long-term, competitive financing options for commercial properties seeking enhancements in energy efficiency, renewable energy sources, and overall sustainability.
The project marks the fourth successful finance closure under the Massachusetts C-PACE Program, highlighting Amalgamated Bank's role as a pioneer in this space. The partnership with Allectrify has proven critical in ensuring that funding is accessible and timely for projects, regardless of their size.
Quotes from Industry Leaders
Mark Walsh, the New England Regional Manager and Senior Vice President at Amalgamated Bank, expressed pride in leading the sector with over $1.2 billion in PACE assets. He stated, "We are proud to lead the industry in providing solutions that empower borrowers to implement proven energy-savings strategies in commercial properties," showcasing the bank's focus on executing more C-PACE deals. Walsh emphasized the ongoing commitment to driving sustainable initiatives throughout Boston and beyond.
A Commitment to Green Capital Deployment
The recent $1.3 million C-PACE financing represents a novel approach to deploying green capital effectively. This financing model makes capital available to a more extensive range of property owners seeking energy efficiency improvements.
Colin Bishopp, CEO of Allectrify, highlighted the importance and timeliness of this transaction, describing it as an illustration of how Amalgamated Bank brings climate-focused solutions to practice. He noted how this project exemplifies collaboration within the framework of a traditional New England industry.
About Amalgamated Bank
With a mission-driven approach, Amalgamated Bank, a subsidiary of Amalgamated Financial Corp. (NASDAQ: AMAL), continues to prioritize socially responsible banking. Operating branches across key U.S. cities including New York, Washington D.C., San Francisco, and Boston, the bank offers an array of financial services. Emphasizing its commitment to organizations aligned with sustainability, clean energy, and social responsibility, Amalgamated Bank answers a significant demand for responsible banking solutions.
About Allectrify
Allectrify enhances the accessibility of C-PACE financing, ensuring that lenders and borrowers can engage with this kind of funding efficiently and without incurring costs to lenders or increased burden on borrowers. Their FASTPACE platform streamlines the process for projects of any size, making renewable energy improvements more attainable.
Frequently Asked Questions
What is C-PACE financing?
C-PACE financing provides long-term funding for energy efficiency improvements, renewable energy, and resilience in commercial properties, enabling lower energy costs.
How does Amalgamated Bank support sustainability?
Amalgamated Bank invests a significant portion of its lending portfolio into climate protection solutions and has undertaken multiple projects driven by a commitment to decarbonization.
What are the benefits of the solar project in New Bedford?
The solar project is expected to save over $1.9 million in energy costs while also promoting sustainable energy sources and efficiency in local businesses.
Who owns the industrial property involved in this project?
The property is owned by Marder Seafood, known for providing sustainably sourced seafood for over 50 years in the New Bedford area.
What is Amalgamated Bank’s mission?
Amalgamated Bank aims to be America’s socially responsible bank, focusing on empowering organizations and individuals to facilitate positive change through sustainable practices.
About The Author
Contact Logan Wright privately here. Or send an email with ATTN: Logan Wright as the subject to contact@investorshangout.com.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
The content of this article is based on factual, publicly available information and does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice, and the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. This article should not be considered advice to purchase, sell, or hold any securities or other investments. If any of the material provided here is inaccurate, please contact us for corrections.
