Solar Landscape announced the closing of a $600 million committed and green-labeled senior debt warehouse facility designed to support the company’s distributed energy deployment pipeline across the United States.
The financing package includes a $350 million three-year revolving construction warehouse facility and a $250 million delayed draw term loan facility with a five-year tenor. Solar Landscape said the structure represents the largest revolving senior debt facility of its kind for commercial rooftop distributed energy projects.
The facility is anchored by a portfolio of 146 megawatts of community solar assets currently under construction or in late-stage development across Illinois, New Jersey, Maryland, and Minnesota. The financing structure is also designed to support future portfolios across community solar and front-of-the-meter distributed generation markets in states including Pennsylvania, Virginia, and New York.
The financing was supported by a syndicate of banks and institutional lenders. First Citizens Bank led the transaction alongside KeyBank National Association and National Bank of Canada, which also served as Green Loan Structuring Agent. Atlas, Apterra Infrastructure Capital, Siemens Financial Services, BankUnited, Mitsubishi HC Capital America, and Amalgamated Bank also participated in the transaction.
Solar Landscape said growing electricity demand from data centers, electrification trends, and load growth is increasing the need for distributed infrastructure projects built within existing load centers. The company said its financing structure is designed to support rapid deployment of solar and storage infrastructure across commercial and industrial rooftops while improving capital efficiency during project construction and operation.
The company develops, builds, owns, and operates distributed energy projects in partnership with commercial real estate owners and utilities. Solar Landscape said it has deployed more than 350 projects representing over 630 MWdc of generation capacity.
KEY QUOTES:
“This financing marks a meaningful evolution in how we fund and scale distributed energy. As our pipeline has grown, so has the need for a structure that can keep pace. This facility allows us to deploy capital more efficiently across multiple portfolios and markets, increasing the speed at which we can bring new capacity online.”
Clayton Avent, Chief Financial Officer, Solar Landscape
“This transaction reflects the continued growth of distributed generation as an asset class. Solar Landscape has developed a scalable, repeatable model for deploying solar power on commercial real estate. This financing structure is well aligned with the company’s ability to execute at speed across multiple markets.”
Mike Lorusso, Head Of Energy Finance, First Citizens Bank
