Amalgamated Financial announces closing of C-PACE financing

Amalgamated Bank announced the closing of a Commercial Property Assessed Clean Energy financing under the PACE Massachusetts Program using Allectrify’s FASTPACE Platform. The C-PACE financing will fund a 205kW DC solar PV 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. 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’s 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.