Solar Landscape announced that it has closed an oversubscribed $125 million revolving credit facility led by M&T Bank. Flagstar Bank, Atlantic Union Bank, and Valley Bank also participated in the facility.
Solar Landscape is a distributed energy infrastructure company focused on deploying solar and storage projects across commercial real estate. The new revolving credit facility provides flexible working capital to support project throughput and execution across the company’s growing development pipeline.
The facility expands Solar Landscape’s existing relationship with M&T Bank, which originally provided the company’s revolving working capital line. As Solar Landscape’s project pipeline and development activity continued to expand, M&T Bank syndicated the facility to increase available capital and support the company’s development efforts across its core markets.
The company said the financing will support critical development activities and help projects move more efficiently from origination to construction readiness. And the expanded working capital facility is expected to help Solar Landscape maintain capital deployment across its portfolio while accelerating the rollout of distributed energy infrastructure.
This financing comes as electricity demand continues rising nationwide, increasing the need for faster deployment of new energy capacity. Solar Landscape said the facility will support its ability to bring front-of-the-meter solar and storage projects online more quickly while continuing to scale across the country.
The financing also complements Solar Landscape’s broader capital strategy and existing project financing facilities. Together, these funding sources provide a comprehensive structure to support projects from early-stage development through construction and operation.
The expanded facility further strengthens Solar Landscape’s ability to advance its growing pipeline of distributed energy projects while maintaining the operational flexibility needed to meet demand from commercial real estate owners, utilities, and energy consumers. The company said the financing also supports continued year-over-year EBITDA growth by providing efficient access to development capital that accelerates project execution and deployment.
Solar Landscape partners with more than 170 commercial real estate owners and utilities to develop, build, own, and operate distributed energy projects. The company has deployed more than 500 projects representing over 750 MWdc of generation.
KEY QUOTES:
“Speed-to-power has become one of the defining challenges facing the energy industry.”
“This partnership, led by M&T Bank, is an important piece of our ability to enable our scale and increase throughput in our core markets. The facility strengthens our development platform, supports predictable execution across our pipeline, and allows us to bring new megawatts online faster at a time when demand for electricity continues to accelerate.”
Clayton Avent, Chief Financial Officer of Solar Landscape
“Solar Landscape has established itself as a leader in distributed energy infrastructure through its ability to consistently execute at scale.”
“We are proud to lead this financing and support the company’s continued growth as it delivers critical energy infrastructure to communities across the country.”
Brian Clark, Head of Commercial Banking, New Jersey at M&T Bank
