Commercial and industrial rooftop solar developer Solar Landscape has announced securing $847m this year, its largest ever in a single year for project investment and financing.
This funding will enable Solar Landscape to deploy over 200 commercial rooftop solar installations across the US, providing power for more than 50,000 households.
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In 2024, Solar Landscape signed contracts for 40 million square feet of additional commercial and industrial rooftop space to develop solar projects.
The company partnered with ten investors and financing counterparties to raise the $847m through debt, equity, and tax equity.
KeyState Renewables committed $184m in tax equity through two investment vehicles towards commercial solar projects, developed by Solar Landscape.
Proceeds from the tax equity commitment will fund the operation of 101 solar projects, generating over 100MW of capacity, all developed and owned by Solar Landscape. These projects will cover more than 8.5 million square feet of commercial and industrial rooftops.
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By GlobalDataKeyState Renewables is coordinating with regional banks as tax investors in this portfolio.
A $283m green loan was led by Silicon Valley Bank, a division of First Citizens Bank, for commercial rooftop solar projects. Silicon Valley Bank, KeyBanc Capital Markets, and National Bank of Canada served as coordinating lead arrangers, joined by a range of institutional investors and participating banks.
National Bank of Canada served as the green structuring agent for the loan, which enables Solar Landscape to make significant investments in communities, focusing on workforce development and ensuring equitable access to clean energy.
Solar Landscape CEO and co-founder Shaun Keegan said: “The surge in US grid energy demand makes commercial rooftops ideal for solar. 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.”
In September, logistics real estate company Prologis announced a partnership with Solar Landscape for the development and financing of more than 30 million square feet of commercial rooftop solar projects. This collaboration supports Prologis’s goal of deploying 1GW of on-site solar and battery storage by 2025.
The following month, Walmart announced its investment in 74 Solar Landscape commercial rooftop solar projects in Maryland and Illinois, covering nearly 43MW of solar capacity.
