Fully Committed Financing Will Enable Deployment of More Than 200 Solar Landscape-Owned Commercial Rooftop Solar Projects
ASBURY PARK, N.J.–(BUSINESS WIRE)–Solar Landscape, the nation’s leading commercial and industrial rooftop solar developer, today announced it has secured $847 million in project investment and financing in 2024. This transactional volume – the largest ever in a single year for the company – will enable Solar Landscape to deploy more than 200 commercial rooftop solar installations across the country, enough to power well over 50,000 households. Solar Landscape also announced that in 2024 it signed contracts for 40 million square feet of additional commercial and industrial rooftop space to develop solar projects.
$847 Million in Project Investment and Financing to Deploy More Than 200 Solar Projects
Solar Landscape partnered with 10 investors and financing counterparties in 2024 to raise $847 million in proceeds from debt, equity, and tax equity to execute on its ambitious growth agenda.
KeyState Renewables committed, through two investment vehicles, to invest $184 million in tax equity toward commercial solar projects developed by Solar Landscape. KeyState Renewables is coordinating several regional banks as tax investors in the tax equity portfolio. Proceeds from the tax equity commitment will finance the operation of 101 solar projects for well over 100 megawatts of capacity, all developed and owned by Solar Landscape. The projects will span more than 8.5 million square feet of commercial and industrial rooftops.
Silicon Valley Bank, a division of First Citizens Bank, led a $283 million green loan with social co-benefits for commercial rooftop solar projects. Silicon Valley Bank, KeyBanc Capital Markets and National Bank of Canada were coordinating lead arrangers, which also included an array of institutional investors and participating banks. National Bank of Canada was the green structuring agent on the loan, which supports Solar Landscape’s significant investment into communities through workforce development and equitable access to clean energy.
Prologis, the global leader in logistics real estate, announced in September its partnership with Solar Landscape to develop and finance more than 30 million square feet of commercial rooftop solar projects. Solar Landscape is developing commercial rooftop solar projects across the country in support of Prologis’s goal of deploying 1 gigawatt of on-site solar and battery storage by 2025.
In October, Walmart announced its investment in 74 Solar Landscape commercial rooftop solar projects in Maryland and Illinois. The commercial rooftop portfolio will create nearly 43 megawatts of solar capacity, enhancing grid infrastructure and expanding access to affordable clean energy.
Additional 40 Million Square Feet Leased for New Solar Development as Energy Demand Surges
As U.S. energy demand surges from the growth in AI machine learning, data centers, and electrification of the economy, corporations and regulators are increasingly looking to distributed generation (DG) for its deployment speed and grid benefits. DG solar projects can typically be developed and built in 12 to 24 months given faster interconnection times and modular setups.
In 2024 Solar Landscape leased an unprecedented 40 million square feet of commercial rooftop space across the U.S. The 40 million square feet will require an additional $1+ billion in project financing and will serve as the foundation for 500 megawatts of solar capacity – enough to power 80,000 households. Solar Landscape now has over 80 commercial real estate partners that collectively own over 2 billion square feet across the U.S.
“The surge in U.S. grid energy demand makes commercial rooftops ideal for solar,” said Shaun Keegan, CEO and Co-Founder of Solar Landscape. “At Solar Landscape, we’ve led the design-build process for these projects since 2012, standing apart by being vertically integrated and forming lasting partnerships with real estate clients. We began as a construction company and we’ve built a reputation for delivering on our promises and fostering genuine relationships with our partners.”
Building Best-in-Class Commercial Real Estate Energy Capabilities
Solar Landscape is the leader in commercial real estate clean energy development and has invested deeply into building capabilities to support the next phase of growth.
The company has developed an industry-leading platform focused on serving commercial real estate. This technology streamlines the entire lifecycle of rooftop solar projects, providing real-time visibility into project development, performance monitoring, and financial tracking – empowering Solar Landscape and its partners with actionable insights and seamless collaboration.
Solar Landscape has also built an institutional-caliber structured finance team to execute on the origination, valuation, production, diligence, structuring, negotiation, and closing of debt, tax equity, equity partnership, and M&A transactions for commercial rooftop solar portfolios.
Collectively the 2024 announcements reflect Solar Landscape’s commitment to revolutionizing how energy is deployed in the U.S. and its vision for a scalable, distributed energy future.
About Solar Landscape
Solar Landscape is the premier commercial rooftop solar developer in the United States, partnering with the world’s largest real estate owners to develop, install, and operate solar projects. Recognized as the #1 Distributed Generation Developer of 2023 by New Project Media and awarded the U.S. Department of Energy’s Community Solar Grand Prize, Solar Landscape is shaping the future of clean energy. Headquartered in Asbury Park, NJ, the company also has offices in New York City, Chicago, Boston, and Baltimore. Visit www.solarlandscape.com for more information.
Contacts
Brendon Shank, 202-256-2083 brendon@solarlandscape.com
Alanna Papetti, 908-268-3345 alanna@solarlandscape.com