Solar Landscape, a developer of rooftop commercial solar projects, secured a $175 million long-term shelf financing from PGIM Private Capital, a $1.4 trillion investment management business of Prudential Financial.
The funding is expected to initially support Solar Landscape’s buildout of distributed commercial solar projects in Maryland and Illinois.
“Commercial rooftop solar is America’s most shovel-ready energy source and this financing enables us to build more and build it faster,” said Solar Landscape Chief Financial Officer Clayton Avent.
The institutional shelf debt facility will finance the construction and operations of 74 projects in the two states on 3 million square feet of commercial rooftops, leading to nearly 43 MW of installed solar capacity.
“The first wave of these projects is already generating electricity to meet the country’s growing demand,” said Avent.
PGIM Private Capital joins Walmart as investor in the 74 project portfolio. Approximately half of the solar project portfolio is designed to reduce energy costs for low- and moderate-income households, said Solar Landscape.
“By building solar projects on existing commercial buildings, Solar Landscape is deploying energy quickly, efficiently and close to where it will be used, making it a sound investment in our energy future,” said Ingrida Soldatova, senior principal, real assets, power, PGIM Private Capital.
Fourteen of the 74 projects are already installed and actively delivering electricity in Maryland, with the remainder expected to be completed in 2025.
In 2024 Solar Landscape announced that it had secured over $847 million in new funding and leased 40 million square feet of commercial rooftop space in the U.S. for a portfolio that would serve as the foundation for 500 MW of solar capacity, which is enough to power 80,000 households.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.