- Amalgamated Bank commits $15 million to Greenbacker's $1 billion Cider solar farm project.
- The 674 MWdc solar project will be the largest in New York, powering over 120,000 homes annually.
- Construction is expected to create hundreds of clean energy jobs in Genesee County, NY.
Amalgamated Bank (AMAL, Financial) has announced a $15 million commitment as part of a nearly $1 billion financing package for Greenbacker Renewable Energy Company LLC's Cider solar farm project in Genesee County, New York. This project marks the largest utility-scale solar installation in New York State, with a capacity of 674 megawatts of direct current (MWdc).
The Cider solar farm, covering approximately 2,500 acres, broke ground in late 2024, with major construction activities commencing in spring 2025. The project is slated to enter commercial operation by the end of 2026 and is expected to generate enough clean electricity to power over 120,000 homes in New York annually.
This strategic investment aligns with Amalgamated Bank's ongoing commitment to green finance and socially responsible banking. The transaction enhances the bank's environmental, social, and governance (ESG) credentials and opens up potential future opportunities in the growing climate finance sector.
In addition to providing renewable energy, the construction of the solar farm will create hundreds of clean energy jobs, further supporting local economic development and strengthening Amalgamated Bank's community relations. The project underscores Greenbacker's commitment to building a sustainable energy future, with its portfolio having already produced over 12 million megawatt-hours of clean energy and reduced carbon emissions by more than 8 million metric tons since 2016.
