Asbury Park-based Solar Landscape, which has completed over 100 solar projects in New Jersey totaling over 115 megawatts, announced Wednesday that it has received a development capital investment from impact investors Enhanced Capital and Crossroads Impact Corp.
The investment will help Solar Landscape further expand its portfolio of roof-mounted systems in New Jersey’s community solar program, which is focused on delivering economic benefits to low- and moderate-income New Jersey residents. Solar Landscape’s latest community solar portfolio is made up of 46 solar installations on commercial warehouse rooftops across the state and is the largest community solar portfolio in New Jersey to date.
The funding provided by Enhanced Capital, a leading impact investing firm with over 20 years of investment experience, will support a 50.5-megawatt DC community solar portfolio that will produce over 50 million kilowatt-hours annually, the equivalent of 8,000 homes’ annual energy use.
Through its climate finance strategy, Enhanced Capital supports carbon mitigation and the transition to a clean energy economy by investing in small businesses and sustainable infrastructure projects throughout the U.S.
Enhanced Capital CEO Michael Korengold said the firm applies a thematic framework to generate positive, measurable impact alongside a financial return.
“Enhanced Capital focuses on providing capital to businesses and market segments that generate measurable community impact,” he said. “So, in conjunction with flexible lending products, Enhanced Capital’s investments utilize a number of state and federal tax credits.
About Solar Landscape
Based in Asbury Park, Solar Landscape is a leading full-service developer, designer, installer, owner and operator of community solar and solar energy solutions for the commercial/industrial, municipal, public school and nonprofit marketplaces. The company employs more than 100 people and has more than 200 megawatts of solar energy projects completed or under construction.
“Our experience pairing tax credits and private capital gives us an effective playbook to support a clean energy economy and projects supporting wind energy, microgrids, EV infrastructure, carbon capture and battery storage while generating risk-adjusted returns.”
Enhanced Capital has invested in multiple transactions in proprietary and non-advisory client assets in Solar Landscape since 2020.
Solar Landscape CEO Shaun Keegan welcomed the news.
“New Jersey is leading the nation in connecting community solar to clean energy equity, and financing is an important part of that connection,” he said. “Enhanced Capital’s climate finance strategy is focused on supporting sectors like community solar that bring tangible benefits to communities, empower commercial real estate leaders to meet their ESG goals, and help us transition to net zero.
“We look forward to bringing these benefits to thousands of residents here in New Jersey and soon to even more nationwide.”