Solar Landscape, the nation’s leading commercial and industrial rooftop solar developer, announced it has secured $847 million in project investment and financing this year. 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 revealed that it signed contracts for 40 million square feet of additional commercial and industrial rooftop space to develop solar projects this year.
In 2024, Solar Landscape collaborated with 10 investors and financing counterparties 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 investing $184 million in tax equity in commercial solar projects developed by Solar Landscape. It is also coordinating several regional banks as tax investors in the tax equity portfolio.
The 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. And 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 over 30 million square feet of commercial rooftop solar projects. And 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.
And in October, Walmart announced its investment in 74 Solar Landscape commercial rooftop solar projects in Maryland and Illinois. And the commercial rooftop portfolio will create nearly 43 megawatts of solar capacity, enhancing grid infrastructure and expanding access to affordable clean energy.
This year, Solar Landscape leased an unprecedented 40 million square feet of commercial rooftop space across the U.S. And 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.
KEY QUOTE:
“The surge in U.S. 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.”
- Shaun Keegan, CEO and Co-Founder of Solar Landscape
