NEW YORK, April 29, 2024 (GLOBE NEWSWIRE) -- 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% ...