Solar Landscape has secured a development financing facility of up to $150 million from Copenhagen Infrastructure Partners through its Green Credit Fund II.
The financing will help Solar Landscape accelerate distributed solar projects across its national development pipeline.
The facility will initially support a portfolio of approximately 250 megawatts of direct-current capacity across mid-stage and late-stage development projects.
Solar Landscape will use the capital for equipment procurement, grid interconnection, power offtake arrangements and preconstruction development services.
By funding these activities earlier, the company expects to move projects into construction and bring new electricity generation online more quickly.
The financing follows several other transactions completed by Solar Landscape, including a $600 million senior debt facility, a $125 million revolving corporate credit facility and a $117 million preferred equity investment.
Together, the transactions bring Solar Landscape’s total capital raised during the past three years to more than $2.2 billion.
Solar Landscape develops distributed solar and storage systems on commercial real estate. The company works with more than 170 property owners and utilities and has deployed over 500 projects representing more than 750 megawatts of capacity.
KEY QUOTES:
“CIP’s partnership in providing us with revolving development capital increases the throughput of our development platform, allowing us to advance projects more efficiently and bring new distributed energy infrastructure online faster.”
Clayton Avent, Chief Financial Officer of Solar Landscape
“On a constrained PJM grid where demand is surging, generation that plugs directly into the local distribution system brings new supply online quickly and lowers costs for ratepayers.”
Reiner Boehning, Partner at Copenhagen Infrastructure Partners
