On September 29, 2025, M&T Bank announced its participation in a tax‑equity partnership for the 940‑megawatt‑hour storage component of the Roadrunner Solar and Energy Storage Project in Tucson, Arizona. The partnership, alongside First Citizens Bank, provides financing for the storage facility, while J.P. Morgan Chase Bank finances the 290‑megawatt solar portion. The combined commitments total $340 million at commercial operation.
The deal marks M&T Bank’s continued expansion into clean‑energy financing, adding a new revenue stream from tax equity and fee income. The storage facility is a key component of the project’s overall 1,230‑megawatt capacity, positioning M&T to benefit from the growing demand for grid‑scale storage solutions. The partnership also aligns with the bank’s ESG strategy and supports its regional growth initiatives.
While the transaction does not represent a large capital outlay for M&T, it signals the bank’s strategic shift toward diversified financing activities beyond traditional banking services. The $340 million commitment is expected to generate fee income and enhance the bank’s presence in the renewable energy sector. The partnership is anticipated to close in the coming months, with M&T’s involvement expected to strengthen its portfolio of clean‑energy investments.
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