Amalgamated Bank Announces $25 Million Commitment to Redball Energy, Advancing Rooftop Solar for Underserved Communities

NEW YORK--(BUSINESS WIRE)--Amalgamated Bank, a subsidiary of Amalgamated Financial Corp. (Nasdaq: AMAL), today announced a $25 million corporate financing commitment to Redball EnergyCo, LLC, one of the leading developers, owners, and operators of residential and commercial solar assets headquartered in the Washington, D.C. area.

The investment is part of a $50 million aggregate financing that will support the deployment of over 30 megawatts (MW) of rooftop solar across D.C., Maryland, and Connecticut, delivering clean, renewable electricity to more than 4,400 households annually at no cost to the homeowners.

“Our work with Redball reflects Amalgamated’s commitment to shaping a clean energy economy where everyone is included,” said Sam Brown, Chief Banking Officer at Amalgamated Bank. “By expanding access to rooftop solar, we’re lowering energy costs, strengthening household financial security, and demonstrating how mission-aligned banking can deliver climate solutions at scale while also delivering market returns for our investors.”

“Redball was founded to unlock value in overlooked energy markets,” said Greg Schmidt, Chief Financial Officer at Redball Energy. “With Amalgamated Bank’s partnership and deep understanding of climate-aligned lending, we’re accelerating our work to serve historically underserved communities with zero-carbon solutions that lower energy costs and build local resilience.”

This marks the latest in a series of clean energy investments by Amalgamated Bank. Recently, the bank participated in a $1 billion financing round for Greenbacker’s 674 MW Cider solar project – the largest in New York State. For Redball, this advances their focus on inclusive development which has allowed it to become a leader in the mid-Atlantic clean energy transition.

About Redball Energy:
Founded in 2020, Redball EnergyCo, LLC is a D.C.-based solar developer, owner-operator, and financier of residential and commercial solar and storage projects. Focused on the mid-Atlantic and Northeastern U.S., Redball specializes in delivering affordable, clean energy to underserved communities. With a commitment to environmental justice and local impact, Redball uses its deep capital structuring expertise and REDBASE platform to manage more than 3,000 assets. www.redballenergy.com

About Amalgamated Bank:
Amalgamated Bank, the wholly owned banking subsidiary of Amalgamated Financial Corp. (Nasdaq: AMAL), is a mission-driven New York-based full-service commercial bank and a chartered trust company with a combined network of branches in New York City, Washington D.C., San Francisco, and Boston. Amalgamated Bank was founded 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 Corp. www.amalgamatedbank.com