Asbury Park-based Solar Landscape announced Monday that it has secured $847 million in project investment and financing in 2024.
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 announced that in 2024 it signed contracts for 40 million square feet of additional commercial and industrial rooftop space to develop solar projects.
Solar Landscape, the nation’s leading commercial and industrial rooftop solar developer, partnered with 10 investors and financing counterparties in 2024 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 invest $184 million in tax equity toward commercial solar projects developed by Solar Landscape. KeyState Renewables is coordinating several regional banks as tax investors in the tax equity portfolio. 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. 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 more than 30 million square feet of commercial rooftop solar projects. 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.
In October, Walmart announced its investment in 74 Solar Landscape commercial rooftop solar projects in Maryland and Illinois. The commercial rooftop portfolio will create nearly 43 megawatts of solar capacity, enhancing grid infrastructure and expanding access to affordable clean energy.
The company has benefited from a surge in energy demand from the growth in AI machine learning, data centers and electrification of the economy, corporations and regulators are increasingly looking to distributed generation for its deployment speed and grid benefits. DG solar projects can typically be developed and built in 12 to 24 months given faster interconnection times and modular setups.
In 2024 Solar Landscape leased an unprecedented 40 million square feet of commercial rooftop space across the U.S. 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.
“The surge in U.S. grid energy demand makes commercial rooftops ideal for solar,” CEO and Co-founder Shaun Keegan said. “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.”
