Amalgamated Bank Backs $1B New York Solar Project

• Amalgamated Bank backs $1B Cider Solar Farm, powering New York's green future with 500 MW renewable energy boost.

Amalgamated Bank has participated in a financing deal worth approximately USD 1 billion to support the construction and operation of the Cider Solar Farm in New York State. The project, developed by Greenbacker Renewable Energy Company LLC, will have a capacity of 500 MWac/674 MWdc.

The Cider Solar Farm represents a significant investment in renewable energy infrastructure, contributing to New York's clean energy goals. The involvement of Amalgamated Bank underscores the growing financial support for sustainable energy projects, highlighting the bank's commitment to environmental responsibility and the transition to renewable energy sources.

How does Amalgamated Bank's investment impact New York's renewable energy goals?

• Supports New York's goal of achieving 70% renewable energy by 2030 by adding 500 MWac/674 MWdc of solar capacity.
• Contributes to the state's target of reducing greenhouse gas emissions by 85% by 2050.
• Enhances grid reliability and energy security by diversifying energy sources.
• Encourages further investment in renewable energy projects within the state.
• Demonstrates the financial sector's role in facilitating the transition to a low-carbon economy.
• Provides economic benefits through job creation during the construction and operation phases.
• Aligns with New York's Climate Leadership and Community Protection Act, which mandates aggressive climate action.
• Sets a precedent for future large-scale renewable energy projects in the region.