Amalgamated Financial Corp. Announces Completion of Three Oregon Community Solar Program Projects
April 29 2024 - 4:10PM
Amalgamated Financial Corp. (“Amalgamated” or the “Company”)
(Nasdaq: AMAL) today announced the mechanical completion of three
community solar projects in Oregon, with commercial operations
expected to commence in April and May of this year. Three
additional projects are expected to be completed and commence
operations by the end of the third quarter of 2024.
Amalgamated financed the developments by
originating a one-of-a-kind $25 million construction term facility
to SolRiver Capital (“SolRiver”). Amalgamated and SolRiver agreed
to a 7-year term structured with a maximum 18-month interest-only
construction period, which converts into a term loan subject to a
20-year amortization for the remainder of the term. The revolving
line structure enabled SolRiver to finance the six projects, with
construction costs totaling $39 million, without ever holding more
than $25 million in outstanding debt on the project.
The completion dates and active production of
the six solar projects were staggered. During the construction
period draws on the facility represented 85% of the project cost.
Upon completion, each project will be sold to a tax equity
partnership under a membership interest purchase agreement. The new
entity is an institutional-grade tax equity partnership. Proceeds
from the sale will be used to pay down the construction loan, at
which point the loan converts to a term loan with a long
amortization schedule.
Priscilla Sims Brown, President and Chief
Executive Officer, commented, “Amalgamated congratulates our client
SolRiver on delivering three community solar developments. We are
thrilled to finance this project with an innovative financial
solution, and extremely proud to play an active role in advancing
the Oregon Community Solar Program. Our collaboration with SolRiver
Capital further demonstrates how Amalgamated is uniquely positioned
to underwrite inventive sustainable lending solutions, displaying
our ongoing commitment to help combat climate change while
executing on our socially responsible banking business model.”
All six projects will sell energy to subscribers
at fixed prices for an initial 20-year term under the Oregon
Community Solar Program. The program requires that at least 10% of
the subscriber base be made up of low to moderate income
households.
About Amalgamated Financial
Corp.
Amalgamated Financial Corp. is a Delaware public
benefit corporation and a bank holding company engaged in
commercial banking and financial services through its wholly-owned
subsidiary, Amalgamated Bank. Amalgamated Bank is a New York-based
full-service commercial bank and a chartered trust company with a
combined network of five branches across New York City, Washington
D.C., and San Francisco, and a commercial office in Boston.
Amalgamated Bank was formed in 1923 as Amalgamated Bank of New York
by the Amalgamated Clothing Workers of America, one of the
country’s oldest labor unions. Amalgamated Bank provides commercial
banking and trust services nationally and offers a full range of
products and services to both commercial and retail customers.
Amalgamated Bank is a proud member of the Global Alliance for
Banking on Values and is a certified B Corporation®. As of March
31, 2024, our total assets were $8.1 billion, total net loans were
$4.4 billion, and total deposits were $7.3 billion. Additionally,
as of March 31, 2024, our trust business held $35.0 billion in
assets under custody and $13.9 billion in assets under
management.
Investor Contact: Jamie Lillis
Solebury Strategic
Communicationsshareholderrelations@amalgamatedbank.com800-895-4172
Source: Amalgamated Financial Corp.
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